Binance Coin (BNB) is back in the spotlight, this time for a major price jump. The token surged 15% in just two days, fueled by a massive $2 billion investment from an Abu Dhabi-based firm, MGX. This news has sparked excitement among investors, with many believing this could be the start of a stronger rally towards its ATH.
BNB Price Sees Strong Recovery
Just days ago, BNB was struggling after a market-wide crash pushed its price down to $511.85. However, in the last 48 hours, things have changed. The token has jumped nearly 15% and gained another 6% today, reaching $580.88. Its market cap now stands at $82.75 billion, with a trading volume of $1.84 billion.
Even though BNB is still 30% away from its all-time high of $793.35, the recent rebound has restored hope among investors. The biggest boost comes from MGX’s $2 billion investment, which could drive the price even higher in the coming days.
Key Reason Behind BNB Price Rise
The biggest reason behind BNB’s sudden price increase is the $2 billion investment from MGX, a well-known technology investor from Abu Dhabi. This is one of the largest investments ever made in a crypto company, and it was paid entirely in stablecoins, adding further trust to Binance’s financial stability.
The investment has sparked a wave of buying activity. In just one day, BNB’s trading volume jumped to $1.84 billion, while Open Interest increased by nearly 6% to $734.93 million.
Additionally, options Open Interest surged 19.79%, reaching $11.96 million. These numbers suggest growing interest from both retail and institutional investors.
BNB – Is $650 the Next Target?
BNB has seen an impressive 13.44% jump in just four 12-hour candles, showing strong momentum. The price recently bounced back from $507, and if bulls keep pushing, the next key level to watch is $612.
If the weekly closing price stays strong, buyers could take control, possibly driving BNB toward $650. Right now, the RSI is in a neutral zone (30-70), suggesting the market is steady but ready for a move.
On a larger scale, BNB is hovering near the $580 support level, making the next few days crucial for its future direction.
