- BNB is holding above $700 as a whale builds an $8.5 million position through a Venus Protocol lending loop.
- A break above $700-$720 could open the path toward $950, while losing $700 may trigger a pullback.
BNB is holding above $700 as the broader crypto market cools after last week’s rally. Whale activity remains bullish, with one large investor using a lending strategy to increase exposure to BNB.
The whale has built a position worth more than $8.5 million. This comes as BNB faces resistance around the $700 level and prepares for a major network upgrade.
Whale Uses Venus Lending Loop to Buy More BNB
Blockchain data shows that a whale bought 8,474 BNB worth about $5.9 million. The tokens were then deposited into Venus Protocol as collateral.
The whale borrowed $2.6 million in USDT against the BNB. That USDT was sent to Binance and used to purchase more BNB.
This lending loop allows the whale to increase exposure without selling the original BNB position. It also shows continued confidence in BNB’s short-term price outlook.
The move comes ahead of the Pasteur Hardfork on BNB Chain. The upgrade is expected to improve bridge infrastructure and validator protection.
BEP-675 will also give builders more flexibility when filling blocks. Higher throughput is another expected benefit from the upgrade.
BNB Faces a Key Test Above $700
BNB recently broke out of a sideways range that had held the price since June. The earlier range stretched between $542 and $620. Another consolidation zone formed between $583 and $688. BNB has now moved above these levels and is trading above $700.
However, the $700 area has become an important resistance zone. A sustained move above it could determine whether the current rally continues.
The Bollinger Bands have also widened following the breakout. This points to increased volatility around BNB. The middle Bollinger Band sits near $625. A broader market correction could therefore push BNB back toward this level.
The MACD remains bullish, although its bars have started to weaken. This suggests buyers are becoming less aggressive after the recent rise.
BNB Price Could Target $950
BNB needs to clear the $700-$720 zone to strengthen the bullish setup. A successful breakout could open the path toward $950 or higher.
However, failure to hold above $700 could expose BNB to another decline. The price could first fall below $690 before testing lower support levels.
For now, whale buying and the upcoming network upgrade provide positive signals. Still, BNB must hold above key support and break through resistance before the next major move can be confirmed.
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