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Binance Coin (BNB) has made a significant leap, surpassing Solana 
$162 (SOL) in market capitalization. This surge occurred despite the Consumer Price Index (CPI) data released in January indicating a rise in inflation over the past three months. While the overall cryptocurrency market faced a decline following this data, the ongoing increase in BNB’s price has piqued the interest of many traders. Improvements in on-chain metrics and recent developments suggest that BNB’s price could rise as high as $700.
BNB Defies Market Trends Despite Negative Funding Rates
BNB has risen by 6.1% in the last 24 hours and 17.7% over the past week, defying the overall market downturn. While major cryptocurrencies like Bitcoin (BTC) 
$0.000036 and Ethereum (ETH) 
$0.000115 experienced nearly a 2% loss, BNB’s upward momentum stood out in the marketplace.
The rise in BNB occurred even as January’s CPI data revealed an annual inflation rate exceeding expectations at 3%. This marks the largest annual increase since June, with a monthly rise of 0.5%, the highest level in two years.
Can BNB Price Exceed $700?
BNB managed to climb above the critical resistance level of $650, reaching as high as $670. Currently trading at $669, this altcoin aims to maintain its upward trend. According to technical analysis, the BNB/USDT trading pair targets $692 but may face strong resistance at this level, with the possibility of retreating back to $650.
Despite the Relative Strength Index (RSI) nearing 75 and indicating overbought conditions, demand for BNB remains robust. If the price surpasses $692, a swift rise to $745 could occur. Conversely, failure to breach this level may trigger a pullback toward $650.
Amid these developments, the long/short ratio stands at 0.7203, indicating that 58% of traders anticipate a decline in BNB’s price, while 42% expect an increase.
