<\/p>\n
- \n
- BNB became the best-performing top-10 asset in the last 24 hours.<\/em><\/li>\n
- If accumulation continues to increase, BNB may head toward $400.<\/em><\/li>\n<\/ul>\n
Binance [BNB]<\/a>, the native cryptocurrency of the Binance exchange, seems to have gotten a wake-up call to take back its place from Solana [SOL]<\/a>. On the 27th of December, the BNB price surged past the $300 psychological resistance.<\/p>\n
As a result of the breach, BNB was able to record a 10.15% rise in the last 24 hours.<\/p>\n
At press time, the coin was back in the fourth position with a market cap of $50.92 billion. A few days back, AMBCrypto explained<\/a> how SOL took the place of BNB due to the incredible rise in value.<\/p>\n
However, the last 24 hours have not been rosy for SOL, whose performance all year long has been worthy of emulation.<\/p>\n
Binance Coin: Back in fourth place<\/h4>\n
Within the same period, as BNB jumped, SOL\u2019s value decreased<\/a> by 6.99%.\u00a0 It is worth noting that Binance Coin has had its share of challenges.<\/p>\n
On different occasions, the coin had to cope with Fear, Uncertainty, and Doubt (FUD) because of the regulatory troubles of its underlying exchange.<\/p>\n
Despite the price increase, traders are bearish on the Binance Coin. According to Santiment\u2019s data, BNB\u2019s Funding Rate was -0.048%. Likewise, its Weighted Sentiment also dropped to 0.953.<\/p>\n
The decline in the metric was a testament to the fact that the negative sentiment<\/a> around BNB had not yet faded.<\/p>\n
![\"The](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/12\/BNB-BNB-13.19.40-28-Dec-2023.png\")
<\/a><\/p>\nSource: Santiment<\/p>\n<\/div>\n
While many might think this position implied \u201cdoomsday\u201d for BNB, AMBCrypto\u2019s analysis considered the trend positive for the price.<\/p>\n
A look at the chart above showed that the Weighted Sentiment and Funding Rate were down in the red on the 14th of December.<\/p>\n
However, that position laid the ground for a price increase. The same thing occurred around the 23rd of December. Days later, the BNB price crossed $300. Should the metrics remain in the same state, then shorts risked being liquidated.<\/p>\n
No stopping the breakout?<\/h4>\n
But it is also important to mention that on-chain data alone might not be enough for the BNB prediction. That was why the next phase AMBCrypto considered was the technical outlook.<\/p>\n
From the 4-hour BNB\/USD chart, the coin formed an asymmetrical triangle between the 18th and 25th of December.<\/p>\n
Asymmetrical triangles are patterns indicating a potential breakout<\/a> for a cryptocurrency shortly after a consolidation period. Between the mentioned period, BNB ranged between $260 and $275.<\/p>\n
But the breakout was spotted at $266. This gave rise to the surge that began on the 27th.<\/p>\n
However, the Relative Strength Index (RSI) showed that the coin was overbought. So, it is likely for BNB to experience a slight reversal.<\/p>\n
But on the other hand, the Accumulation\/Distribution (A\/D) reading increased. This increase is a sign of buying pressure.<\/p>\n
- If accumulation continues to increase, BNB may head toward $400.<\/em><\/li>\n<\/ul>\n
![\"BNB](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/12\/BNBUSD_2023-12-28_13-48-01.png\")