BNB, the native token of the BNB Chain, has achieved a significant milestone by surging above the $1,000 mark, reaching a new all-time high of $1,083. This performance positions it as one of the few altcoins from the previous cycle to chart fresh record highs, highlighting its resilience in a volatile market where most altcoins face downward pressure.
According to analyst Darkfost, BNB has shown remarkable price action since August, decisively breaking through its former all-time high of $793 and securing a 50% year-to-date gain. This uptrend reflects growing investor confidence, fueled by the token's expanding ecosystem, including its ties to Binance and the rapid growth of ASTER, a perpetual decentralized exchange backed by former Binance CEO CZ.
However, cautionary signals are emerging. Spot trading volumes have spiked, indicating that part of the rally may be driven by FOMO (fear of missing out), which could introduce short-term fragility. Recently, BNB slipped below $1,000, trading around $995 amid a broader crypto market decline that saw the CoinDesk 20 index drop 3.7%. The Crypto Fear and Greed Index stands at 41, nearing 'fear' territory, while technical indicators suggest oversold conditions.
On the technical front, BNB's 50 EMA remains above key moving averages, supporting the overall bullish trend. Immediate support lies near $960, with resistance around $1,030. Meanwhile, BNB Chain validators have proposed reducing gas fees from 0.1 to 0.05 gwei, which could lower transaction costs to about $0.005 and accelerate block speeds, potentially boosting on-chain activity further.