BNB nears breakout as Nasdaq-listed BNC buys $160M in BNB for treasury
BNB is holding steady at $818, rising 1% higher in 24 hours and 8% over the past week amid a $160 million corporate treasury purchase.
- BNB trades at $818 after a month-long 18% rally, nearing 2025 highs.
- BNC purchases $160M in BNB, aiming to make it its primary reserve.
- Technicals show strong uptrend with resistance at $825 and support near $750.
BNB ( BNB ) has continued its 18% monthly increase, hovering between $747.06 and $825.28 over the past seven days. Market depth shows solid buy-side interest above $800, while spot volume and derivatives open interest both rose over the weekend, suggesting traders are positioning for a potential move.
BNC’s $160M bet on BNB
On Aug 10, BNB Network Company (Nasdaq: BNC), formerly CEA Industries, announced a landmark purchase of 200,000 BNB tokens, worth $160 million. The acquisition comes after a $500 million private placement that was supported by YZi Labs and 10X Capital. The capital raised from the sale will be used to establish BNB as its main reserve asset.
BNC now holds more BNB than any other publicly listed firm and has set a target to fully allocate its treasury to the token. If existing warrants are exercised, the company could commit up to $1.25 billion.
The latest move comes alongside changes in leadership. To direct the BNB corporate strategy, Galaxy Digital co-founder David Namdar has taken over as chief executive officer.
BNB technical analysis
BNB’s price structure shows a sustained upward momentum, with the token trading above every significant moving average, from the 200-day SMA at $650 to the 10-day EMA at $791. The upper band around $837 is serving as immediate resistance as the Bollinger Bands widen.
BNB daily chart. Credit: crypto.news
The relative strength index, which is slightly below overbought territory at 65.88, indicates that there may be more upside before buyers become exhausted. Momentum indicators like the 10-day Momentum point towards continued strength, while MACD levels are still in buy territory, supporting bullish sentiment.
In the short term, a break above $825 might pave the way for $850–$875. Prices could retrace toward $790 if resistance holds, with stronger support close to $750. With both fundamentals and technicals leaning positive, BNB’s next decisive move could set the tone for the remainder of August.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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