BNB Tops $1.2K in 4% Rally as Chain Activity and Institutional Demand Accelerate

Core Insights - BNB token experienced a rally of over 4%, surpassing $1,200 and reaching an intraday high of $1,223, driven by increased trading volume, institutional interest, and heightened network activity [1][6] - BNB Chain reclaimed its position as the most-used blockchain by active addresses, logging 52.5 million active addresses in September, surpassing Solana for the first time since August [2] - The surge in activity was attributed to a significant rise in decentralized trading and lending on the Aster Protocol, with total value locked increasing by 570% to $2.34 billion [2] - Retail momentum was also noted, with a trader turning a $3,000 investment into nearly $2 million following a post by Binance founder Changpeng Zhao [3] - Institutional engagement is evident as companies like Jiuzi Holdings and Kazakhstan's Alem Crypto Fund added BNB to their treasuries [3] - BNB's performance is supported by expectations of a 25 basis point interest rate cut by the Federal Reserve and a recent upgrade reducing the minimum gas fee to 0.05 Gwei [4] Technical Analysis - BNB traded between a low of $1,148.12 and a high of $1,223.08, closing at $1,201.13, marking a 2.27% gain over the 24-hour period [5][6] - A notable spike in trading volume occurred as BNB pushed through $1,200, with one burst of activity reaching nearly five times the daily average [6] - Support levels were identified in the $1,148 to $1,158 range, indicating consistent buying pressure and potential institutional orders [7] - Despite a sharp reversal late in the session, BNB maintained most of its gains, holding above the $1,200 mark, suggesting profit-taking rather than panic selling [8]