BNB (BNB) price momentum has been bullish recently, with Feb. 22 marking another milestone. The cryptocurrency soared to $387, its highest value since November 2022, showcasing a remarkable 9% increase in the last 24 hours.
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Let's discuss the main reasons behind the BNB price rally.
Capital rotation from Bitcoin to BNB market
BNB's price rise in the last 24 hours coincides with Bitcoin's (BTC) 2.5% drop versus the U.S. dollar.
This divergence is particularly pronounced in the BNB/BTC trading pair, which has seen an increase of over 11%, highlighting a significant shift in market dynamics between these top-ranking cryptocurrencies.
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Simply put, traders are potentially rotating out of the Bitcoin market to seek safety in BNB. That is further visible in BNB’s market dominance, which has jumped from 2.74% to 2.99% in the last 24 hours.
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Portal launch on Binance Launchpool
The recent surge in BNB’s price aligns with the debut of Portal (PORTAL), a cross-chain gaming platform on the Binance Launchpool, highlighting a potential catalyst for increased investor interest and capital inflow toward BNB.
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The Portal launch accompanies a staking pool that enables users to stake their BNB and FDUSD into separate pools to farm 50 million PORTAL tokens until Feb. 29. That highlights a potential catalyst for increased investor interest and capital inflow toward BNB.
Related: Aave deploys DeFi protocol on BNB Chain
Bull pennant breakout
BNB's rise toward $387 looks to be part of a bullish breakout emerging out of its previous bull pennant range.
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Nonetheless, BNB’s 4-hour relative strength index (RSI) has risen above 70, an overbought area. In other words, the cryptocurrency risks undergoing a price retracement.
If BNB enters an overbought correction cycle, its primary downside target looks to be its 0.326 Fibonacci retracement line at $364 — down 4.5% from current price levels — by the end of February. Conversely, a decisive break above the $387 resistance level could push BNB’s price toward $400.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.