The BNB price has dropped by 1.5% today, with its fall to $610.69 still leaving it only 10% away from its all-time high of $686.
It set this record high back in May 2021, yet with the market riding growing bullishness as a result of Ethereum ETF hopes, BNB could easily set a new high in the next few days.
The alt is up by 5% in a week and by 95% in a year, and with Binance remaining the biggest crypto-exchange in the market by volume, the coin is likely to attract demand for a while yet.
This could mean that, once ETH ETF approvals arrive today, BNB could launch another rally, while in the longer term rate cuts could propel it even higher towards the end of 2024.
BNB Price Prediction as The Binance Token is 10% Away From A New All-Time High – Time to Buy?
While today’s drop may be disappointing for anyone who expected the gains of the past couple of days to continue, it nonetheless puts traders in a good position to buy BNB at a relative discount before it potentially rebounds today and during the weekend.
Signs that the market is overselling it comes from its relative strength index (purple), which fell below 50 earlier this morning, suggesting that BNB’s current price is too low.
Source: TradingView
At the same, BNB’s 30-day moving average (orange) has begun dropping towards the 200-day (blue), in a sign of apparent weakness.
However, given that it had only just crossed over the longer term average, it may resume rising again very soon, given that the coin appears to be in a medium-term growth phase.
Also encouraging is BNB’s 24-hour trading volume, which at $1 billion is basically double where it was a couple of days ago.
This signals strong interest in the token, which in turn suggests that its current dip will be slight, as traders rush in to buy the dip.
And as noted above, the market is waiting for the SEC’s decision regarding several spot-based Ethereum ETF applications.
Highly likely today we get an approval of the Ethereum ETFs w/ amended filings. Huge win for the Industry at large but cannot extrapolate that other assets will recieve an immidate ETF aswell.
Bitcoin and Ethereum are entrenched assets that have proven widespread adoption and…
— McKenna (@Crypto_McKenna) May 23, 2024
The widespread expectation is that the SEC will approve the ETFs, which such firms as VanEck and ARK Investments/21Shares behind the filings.
If so, not only will ETH surge, but so too will major alts across the board, including BNB.
And as the biggest exchange in the space, Binance will benefit from increased demand for cryptocurrencies.
So while the exchange continues to face regulatory headwinds in places such as Nigeria and elsewhere, Binance’s position continues to look strong.
This points to a rising BNB price over time, with the coin potentially reaching $650 in the next few weeks.
New Meme Coins May Provide Bigger Returns
Because BNB is such an established token, it may not rise as much as some traders would prefer.
For bigger, market-beating gains, they may therefore have to look towards newer coins, with numerous strong presale tokens in line to make some big returns when they list.
One of these is Sealana (SEAL), a Solana-based meme token that has raised a very impressive $2.5 million in its sale.
#Sealana and his $SEAL comrades have been tearing up Vegas like a tornado in a trailer park! After nursing a nasty hangover, he hit the jackpot and has been living it up ever since! Even rented a Lambo for clout like every #Crypto degen!
Join the #Presale now and help… pic.twitter.com/XzJWO9L7HJ
— Sealana (@Sealana_Token) May 22, 2024
SEAL is attracting attention because it looks like it will become the latest in a long list of Solana-based meme coins to storm the market this year.
It has adopted a distinctive anthropomorphic seal as its meme, which as surreal as it sounds, stands out in a market flooded with dogs and cats with hats.
Indeed, its marketing and appeal has worked well so far, with Sealana’s own X account now boasting close to 5,000 followers, despite opening as recently as last month.
What’s also interesting about SEAL is that it will be a multi-chain token, with an Ethereum version of its token already up and running.
It could therefore have wider application than a comparable single-chain rival, potentially meaning more demand and higher price over time.
Investors can join its presale by heading over to the official Sealana website, where they can purchase the token by sending SOL to the following address: DJ15ZYXqUNMYJ3hL7z4ciSaSFAw5cbos3YjGpdvwmF6c.
It’s available at a rate 1 SOL for 6,900 SEAL, which is roughly $0.025 per token.
This is likely to prove a very cheap price, with SEAL having all the ingredients to become the next hot Solana meme token.
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