Binanceโs BNB token climbed Tuesday on the back of the U.S. Securities and Exchange Commission dismissing its long-running lawsuit against the crypto exchange last week.
The token jumped from $650.28 to $673.70, a 3.6% rise, before entering a period of sideways trading and a short correction that saw it drop back down to the $665 level.
The SECโs move comes at a time in which the exchange brought back previously restricted U.S. dollar deposit features, including ACH bank transfers, marking a partial restoration of Binanceโs fiat channels on its U.S. platform.
The timing added fuel to BNBโs rally, which came amid wider global financial unease, including shifting trade policy and rising macroeconomic uncertainty.
Meanwhile, on-chain data showed BNB Chain handling $14 billion in daily decentralized exchange (DEX) volume, surpassing Ethereum and Solana combined. That scale of activity suggests BNB Chain remains a crucial venue for crypto trading despite regulatory scrutiny.
Technical Analysis Overview
- On the technical side, BNB showed strong accumulation patterns, according to CoinDesk Researchโs technical analysis data model.
- Price action formed an ascending channel, briefly peaking near $673.70 before pulling back to consolidate above the psychologically important $665 level.
- A sharp volume spike around 01:00 and renewed buying near $665.32 helped stabilize the tokenโs price, indicating buyer interest at those levels.
- If support continues to hold, traders may interpret the move as the beginning of a longer bullish trendโespecially now that some regulatory overhang has been lifted.
