BNB Drops Below $950 as Market Sell-Off Deepens, Privacy Coins Surge

BNB slid 7.8% in the past 24 hours, dropping to $940 and breaching several major support levels in the process. The move followed a wave of sales orders that began after the token failed to break resistance at $1,020.

A spike in trading volume, 72% above the weekly average according to CoinDesk Research’s technical analysis data model, suggests the sell-off was driven by larger holders offloading positions.

The native token of the BNB Chain had held steady above $1,000 in recent weeks, a level seen by traders as psychologically and technically important.

That support broke under sustained selling pressure, sending BNB into a decline that accelerated during a broader cryptocurrency market downturn that sent the CoinDesk 20 (CD20) index down as much as 5%.

The weakness in the crypto market saw bitcoin fall below $104,000, setting off a wave of altcoin liquidations. Over the last 24 hours, CoinGlass data shows total of $1.4 billion were liquidated in the crypto market, $1.2 billion of which were long positions.

While most tokens followed BTC lower, privacy coins moved the other way. DASH surged 56% and ZEC$409.93 added 5%, outperforming the broader market as traders rotated into more decentralized and less trackable assets.

BNB now faces technical resistance at $1,000 and $980, with analysts watching closely to see if it can hold above $940. A break below that level could open the door to further losses in the near term.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.