On Thursday, July 3rd, a majority of major cryptocurrencies, including BNB, experienced a low-volatility sideways trend. The doji neutral candle on Binance Coin’s daily chart accentuates market uncertainty and a broader slowdown in recovery. However, the accelerated accumulation of this exchange crypto by institutional investors signals an opportunity to rebound and long-term recovery. Is $700 BNB close?
Institutional Confidence in BNB Grows with Nano Labs’ $50M Investment
In late June 2025, China-based Web3 infrastructure and product solution provider NanoLabs Ltd. announced its initiative to establish a BNB treasury strategy by raising $500 million through a private placement of convertible promissory notes.
According to the press release, the firm has recently purchased 74,315 Binance Coins (BNB) through the OTC (over-the-counter) format at an average price of $672.45, which amounted to a total transaction value of $50 million.
Following this acquisition, the company’s total reserve of mainstream crypto assets, including Bitcoin and BNB, now stands at $160 million. The company describes this purchase as a “successful initial step” to increase its BNB holdings over time.
Currently, Nano Labs aims to acquire $1 billion worth of Binance coin through convertible notes and private placements in the initial phase and ultimately hold 5% to 10% of BNB’s total circulating supply.
This strategic bet highlights growing institutional interest in BNB, which could further accelerate demand pressure.
Also Read: Ethereum Bulls Rattle as 62K ETH Moves to Exchanges – What’s Next?
Binance Coin Pennant Pattern Breakout Sets $700 Rally
In the past two weeks, the BNB price has bounced from a low of $601 to its current trading price of $661.50, representing a 10% increase. The bullish uptrend followed the broader market recovery as the panic selling surrounding the Middle East war had started to ease.
An analysis of the daily chart reveals that the rising BNB price also triggered a bullish breakout from the resistance trendline of the bullish continuation pattern, or pennant, on June 29, 2025.
Last Tuesday, the Binance coin exhibited a slight pullback to $1,644, retesting the breach trendline and showcasing its sustainability following the breakout and above the 50-day exponential moving average.
If the pattern holds true, the post-breakout rally could extend 5.4% higher to surpass $704 and reach the $762 mark.
Also Read: XRP Rebound Faces Historic Trendline Hurdle; Will Price Breakout?
Credit: Source link
