BNB Price Surges to $677 as Bulls Target $730 in Strong Recovery

• BNB bounced back from $495 and is now trading near $677, showing strong market support and rising demand.  
• The $730 resistance level is a major test and breaking it could push the price higher with more bullish momentum.  
• Binance’s growing dominance and increased activity on BSC are helping BNB maintain its uptrend with strong market confidence.

Binance Coin (BNB) is displaying significant resilience, surging to $677.80, marking a full recovery from the February 3rd market dump. Despite recent market volatility, this price action reflects renewed confidence as BNB holds above key support levels. The asset’s ability to maintain a 4-hour trend post-ByBit hack indicates strong bullish sentiment, signaling a potential upside. Binance, benefiting from a major competitor’s security breach, further strengthens the case for continued price appreciation. If momentum is sustained, BNB could soon test the $730 resistance level, which is crucial for determining its next move.  

BNB Recovers from Market Sell-Off

BNB’s price action over the past few weeks has been defined by sharp fluctuations. The February 3rd crash saw prices plummet to $495.80, triggering fears of extended downside pressure. However, the rapid recovery suggests strong institutional and retail accumulation, pushing BNB back above $645.20, a key level that previously acted as resistance. The asset has since stabilized, forming a bullish structure as it reclaims higher ground. The price is currently positioned just under $680, indicating growing strength in the uptrend.

BNB is now above $670.69, which has become a significant level as it has flipped from resistance into support. The level is vital in supporting any further upside as breaking down from it would see a retest of $645.20. Major resistance is at $730, which needs to be taken by the bulls to gather momentum. Once BNB clears this important threshold, a move towards $750 and beyond would not be surprising. However, if the asset does not stand the ground of current levels, a retracement towards $600-$620 can be expected.

Binance’s Growing Influence Boosts BNB

The increasing dominance of Binance in the crypto landscape also adds to the resilience of BNB. Binance has taken the opportunity to draw liquidity and strengthen its position after one of its major competitors was hacked. This created more confidence in investors and strengthened BNB’s bullish outlook. Besides, CZ’s renewed interest in developing the Binance Smart Chain would drive more activities on the network that would be supportive of BNB valuation.

Technically, BNB is primed for further bullish momentum as long as the volumes remain strong. The $730 resistance zone will be crucial for determining the short-term direction. Accepting the levels on a decisive breakout might give way to higher levels, while in case of rejection, there will be some temporary consolidation. Looking at the current price action, BNB may offer some upside, making it an asset to watch closely over the following days. Traders should monitor price action volatility to determine where the next move will lie.