Binance's BNB token saw a rise on Tuesday following the U.S. Securities and Exchange Commission (SEC) dismissing its long-standing lawsuit against the exchange. The token's price jumped from $650.28 to $673.70, representing a 3.6% increase, before settling back down to around $665 in a period of sideways trading and short-term correction. This legal development happened concurrently with Binance reintroducing its previously restricted U.S. dollar deposit features, including ACH bank transfers, which hints at a partial restoration of fiat capabilities on its U.S. platform. The timing of these events provided additional support for BNB's rally, especially against the backdrop of global financial challenges such as shifts in trade policy and macroeconomic uncertainties. On-chain data also highlighted that BNB Chain is processing $14 billion in daily trading volume on decentralized exchanges (DEX), surpassing the combined figures of Ethereum and Solana. This level of activity indicates that BNB Chain remains essential for crypto trading despite ongoing regulatory concerns. From a technical analysis perspective, CoinDesk Research’s indicators revealed strong accumulation patterns for BNB. The price trend formed an ascending channel, with a brief peak around $673.70 before consolidating above the significant psychological level of $665. An increase in trading volume around 01:00, combined with renewed buy interest at approximately $665.32, has steadied the token's price. If this support continues, traders may see this as a potential start of a longer-term bullish trend, particularly now that some regulatory pressure has eased.
BNB Token Gains Momentum After SEC Lawsuit Dismissal
The price of Binance's BNB token increased by 3.6% as the SEC dropped its lawsuit against the exchange, leading to renewed trading activity and improved market conditions.
Jamie Bennett
Crypto Analyst
5 min read
3,018
Analysis
Market Sentiment
Bearish
Neutral
Bullish
News Impact
8/10
Credibility: 9/10
Trading Recommendation
BNB
BNB
BUY
Entry Price
$670
Confidence
80%
Stop Loss
$660
Take Profit
$680 - $690
Strong bullish sentiment following the dismissal of the SEC lawsuit and positive technical indicators support a buy decision.
