VanEcks BNB ETF Filing Sparks Rally, Flips Solana to Reclaim Top 5
- VanEck files for a US BNB ETF, marking a first, while the token flips Solana in market cap, driven by utility and ecosystem growth, not just meme hype.
- BNB Chains Vote 2 List boosts activity, making it a utility token with Megadrop and airdrops, as it sees a surge in hourly trading volume.
- BNB bounces from $588 support, facing $610 resistance; analysts eye $600 as key for bullish moves, despite short-term declining channel.
VanEck has officially filed for a BNB ETF in Delaware, marking the AUMs first attempt to create a dedicated ETF fund for the token in the U.S. This is VanEcks 5th crypto ETF filing, following Bitcoin (BTC), Ethereum (ETH), Solana & Avalanche. Besides, VanEck, 21Shares already manage the 21Shares Binance BNB ETP outside the U.S., which is listed on several exchanges across Europe.
Following the news, the Binance coin is back in the top five, flipping Solana again with a $92 billion market cap. Market analysts see this as a major shift due to the immense traction Solana received, fueled by the meme coin mania. Proponents have also doubled down on the tokens strength, driven by actual demand and ecosystem growth.
The BNB chain is surging, not just as a hub for new projects and liquidity, but driven by Binances Vote 2 List initiative. This brings increased activity and transactions, bolstering the tokens utility. Beyond trading, the Binance coin is becoming a core utility token, fueled by Megadrop, TGEs, and airdrops. BNB isnt just maintaining its position; its actively gaining momentum.
BNBs Hourly Surge: Buy Volume Explodes, $600 Key for Bulls
Currently, BNB is trading near $602, with a 1-hour price surge of 0.43% but a 24-hour decrease of 1.29%. In the past hour, volume surged by 56.22%, with buy volume up 169.35% and sell volume up 55%. Total trades increased by 112.5%, and unique wallets rose by 120%. Over the course of the day, volume grew by 75.81%, with a notable 134.12% rise in sell volume.
From the technical perspective, Binance coin is bouncing from the $588 support, but is now facing resistance at $610. On the hourly price chart, a short-term declining channel is emerging as the price hovers below the 100-hour SMA. Experts, therefore, advise holding $600 is crucial for any bullish move.
Read more: https://www.tronweekly.com/bnb-etf-fflips-solana/
Text source: TronWeekly
