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- BNB liquidation pools hit $2.75M at the $632.47 key price level.
- Whale holdings now account for 52.1% of the total supply, supporting bullish sentiment.
Binance Coin [BNB] finds itself at an interesting place with significant technical and on-chain developments.
Despite a 7% pullback following last week’s bullish run, the price of the asset continued to float just above the key $615 support.
But will this setup offer the signal for a new rally, or are more price dips in store?
Whale accumulation boosts BNB?
According to AMBCrypto’s analysis, one of the standout sentiments is the spike in whale holdings, with addresses holding over 5 million BNB now controlling 52.1% of the total supply.
Historically, such accumulation by high-net-worth investors has been a forerunner of price rallies, and BNB may follow the same trajectory.
Source: Santiment
Concurrently, the altcoin’s Social Volume has been increasing steadily since the 3rd of November. This indicated a surging number of BNB mentions among all the social media platforms.
This, in turn, suggested increased market interest and discussions, which is a positive bullish indicator.
Source: Santiment
At the same time, the liquidation pool at $632.47, valued at 2.75M, suggested a high amount of leveraged positions surrounding this key price level.
In most cases, such a concentration ends up serving as a magnet for volatility that may force a strong move in its direction.
Source: Coinglass
$615 support level holds steady—for now
The daily chart showed resilience, with BNB bouncing off the $615 support level multiple times in recent sessions. $615 key support level has been critical in the past, serving as a springboard for rallies.
However, the recent 7% correction showed that the bears were not out of the picture yet.
If the level of $615 fails to hold, then the subsequent support lies at $551.5, a level BNB has previously tested during bearish phases.
On the contrary, holding above the $615 support level could see the asset retest resistance at $632.47 or even push towards the $724.7 level marked earlier this year.
Source: TradingView
What’s next for BNB?
While whale activity and strong support levels fuel bullish hopes, caution is warranted. A breach below $615 could open the door to further declines.
Read Binance Coin’s [BNB] Price Prediction 2024–2025
On the flip side, sustained accumulation by whales and positive sentiment could fuel a recovery and eventually a bullish run.
For now, all eyes remain on the $615 level. Whether BNB breaks higher or succumbs to selling pressure, the incoming price action will be decisive for the coin’s trajectory.
