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Two major cryptocurrencies were racing to reach new ATH levels. Finally, one succeeded. Despite stronger attempts by SOL Coin, the more determined and sustained stance of BNB Coin bulls brought them success. BNB Coin surpassed $715, setting a new all-time high.
Crypto Commentary
After a 0.1% drop in CPI data on May 15, Bitcoin price increased by about 7%. Other supportive data also emerged. Markus Thielen, research director at 10x Research, believes an annual CPI of 3.3% or lower will push Bitcoin to an all-time high.
The latest JOLTS Job Openings data, which encouraged investors for Friday’s employment data, started the second leg of this week’s rally. Matt Horne, head of digital asset strategies at Fidelity Investments, stated in a report on Tuesday that investors should allocate 1-5% to Bitcoin. Even at its current price, this ratio could generate significant demand.
BNB Coin Price Prediction
BNB completed its ascending triangle formation with the $635 resistance on June 4. Followers will recall how much attention we have drawn to the $635 level for months. This region was the last stop for ATH, and it happened as expected. Today, BNB Coin price surpassed $692, making a new peak above $715.
If the upward movement continues, the target of the formation is $775. Generally, after breaking above a strong general resistance level, the price is expected to retest the breakout area. The risk of falling to $635 can only be eliminated by closing above the resistance at $718.
Solana (SOL)
Solana started struggling to turn $162 into support on June 3 but has not yet responded as expected. While BNB Coin was testing $635, SOL Coin should have been challenging the $205 resistance. This was the key area for both before ATH. The 20-day EMA ($166) is gradually climbing while the RSI is positive.
If buyers initiate a strong attempt, a new move towards $189 and $205 can start from here. If it closes below $155, the target could be $140.
