Binance Coin (BNB) Flips Solana En Route To New ATH, Is $1,000 Possible?

Binance Coin (BNB) has remained on a steady upward trend this week and has hit another all-time high of $860. Along the way to breaking a new ATH, BNB has toppled Solana to emerge as the fifth-largest cryptocurrency by market cap.

Analysts believe that the momentum of BNB could push the price of the altcoin to be above $1,000. On the other hand, Solana is met with mixed sentiment in the market. While some analysts believe its rejection at $200 could lead to further drops, the likes of Satoshi Flipper say SOL could return to its ATH. 

BNB Hits New ATH, Flips Solana

The price of BNB also reached a new all-time high of $860 on Monday, July 28th, extending its increase on the weekly timeframe to 12.47%, according to CoinMarketCap info. BNB is now the biggest gainer on the 1W chart among the top 20 cryptocurrencies ranked by market cap.

Although the BNB price has retraced slightly to $857, it has now overtaken Solana as the fifth biggest crypto. BNB has a market cap of $119 billion, while Solana, at the sixth spot, has a market cap of $103 billion. 

The rally to $860 is the second ATH that the BNB price has hit in the last week. The rise in the price of BNB comes after Windtree Therapeutics, a NASDAQ-listed company, announced $520 million commitment to acquire BNB tokens.

Technical analysis shows that the price of Binance Coin could continue to rise, with a target above $1,000. In the 1D timeframe, BNB has created a cup and handle pattern. The cup’s bottom is at $504 and the top is located at $793.

If BNB completes this pattern, the price of BNB could reach $1,090 (the handle). With BNB clearly above $850, there is a high probability of this pattern playing out. LordOfAlts confirms this in an X post, saying the next stop for BNB is at $1,000.

Mixed Sentiments Surround Solana (SOL)

Unlike BNB, the price of Solana faced rejection after soaring above $200 for the first time since February. The Solana price dropped to a low of $175 before recovering to the $190 range. 

Because of the resistance faced at the $200 range, some analysts have predicted that the Solana price could drop before an extension of this bull market. At the current price range, TraderZorren tweeted on X that he is planning on going short. 

IncomeSharks shared a similar sentiment, calling Ethereum the winner over Solana. However, Satoshi Flipper disagrees, sharing that “$SOL Daily looks amazing.” Based on his analysis, Solana remains on track following its breakout from the falling wedge pattern.

Satoshi Flipper predicts that the Solana price could rally to $280 very soon. This will put Solana just under its ATH of $293. 

In Summary

The recent price action of BNB, backed by the increasing institutional interest in the altcoin, suggests that the altcoin price could rally above $1,000 soon. Nevertheless, Solana would require a significant push in the crypto market to rise above the $200 resistance and push its price even further.