The selling pressure that has regained strength in the crypto market has pulled BNB, the native token of the Binance ecosystem, down 10 percent in the last 24 hours. BNB, which reached its all-time high of $ 1,300 on Monday, lost 13 percent of its value since this peak, prompting investors to ask “Is the rally over?” It caused him to ask the question.
RSI is in Overbought Zone: Is a Technical Correction Inevitable?
BNB/USD parity, which has broken consecutive records since the end of July, attracted attention with the Relative Strength Index (RSI) value rising to the overbought zone on the weekly chart. The RSI, which reached the 81 level last week, is currently at the 71 level. Considering similar situations with sharp corrections of 70 percent in 2021 and 44 percent in July 2024, the possibility of a pullback towards the psychological support of $ 1,000 increases.
Analyst Saint said in his post on According to technical data, the price could find strong support in the $730–$860 range, where the 20- and 50-week moving averages are located.
$1,000 Level is Critical: Bulls Have Not Given Up Yet
A double top formation on the four-hour chart of BNB strengthens the possibility of the price retreating to the neckline at $1,000. If this scenario occurs, the total loss rate could reach 17 percent based on current levels. Additionally, the negative divergence between the RSI and price indicates that momentum is weakening despite rising prices and profit taking may intensify.
On the other hand, TradingView data reveals that the bull flag is still valid on the monthly chart. This formation indicates that the price may rise up to $2,100. Analyst Henry said, “BNB remains strong even after the collapse. If it continues at the same pace, it can surpass ETH. The target is $ 2,000, the new peak is being loaded.” Binance’s recent compensation payment of $283 million to its users and the high transaction volume on the network are also among the factors that support the bull scenario.
A similar outlook for Ethereum in the past weeks 
$4,011.20 It also happened on the side, the ETH price decreased from $ 4,700 to $ 4,200 after the overbought signals in the RSI. This indicates that the market has generally entered a correction phase.
As a result, although BNB’s short-term technical indicators point to a possible correction, the long-term trend is still upward. The size of the Binance ecosystem, the liveliness in transaction volume and investor confidence may pave the way for the price to regain strength. However, the $1,000 level will be decisive both technically and psychologically.
