BNB surges back with a $2B investment, signaling potential for growth as it eyes the $650 target - IcoHolder.
Binance Coin (BNB) has surged back into the spotlight following a major price jump of 15% over just two days, fueled by a substantial $2 billion investment from Abu Dhabi-based MGX. This surge has rekindled investor optimism, with many speculating that BNB may be on its way to recovering toward its all-time high (ATH).
BNB had recently faced a steep decline, dipping to $511.85 following a broader market crash. However, the tide has turned dramatically in the last 48 hours, with the coin now trading at $580.88. This price shift has also brought the token’s market cap to $82.75 billion, alongside a surge in trading volume to $1.84 billion. While still 30% shy of its ATH of $793.35, this bounce has renewed investor hope for further growth.
The driving force behind BNB’s recent rally is a historic investment from MGX, a prominent technology investor in Abu Dhabi. The $2 billion investment, made entirely in stablecoins, is one of the largest ever in the crypto space and signals strong trust in Binance’s financial health. This influx of capital has not only fueled a price rise but has also sparked a surge in trading activity, with Open Interest and options volume both spiking significantly.
With strong momentum pushing BNB forward, the next key price target for investors is $650. The coin has already made a notable 13.44% jump in just four 12-hour candles, suggesting potential for further growth. If BNB can maintain its upward trajectory, and with the Relative Strength Index (RSI) in a neutral zone, the market remains poised for a continued rally, especially if the price holds above key support levels.
The next few days are critical for BNB’s price action, with investors keenly watching whether it can surpass the $612 resistance level and continue its journey toward higher targets.
