BNB is up 4.4% in the past 24 hours and stands out as the only coin among the top 10 coins with a positive 30-day period (+11%). The move comes after US President Donald Trump pardoned former Binance CEO Changpeng “CZ” Chao, clearing him of his criminal record and reigniting sentiment over BNB prices.
However, price trends suggest that something deeper is driving this pullback, including currency outflows, changes in supply, and the technical setup that could define the next leg.
Sponsored Sponsored
Currency outflows suggest renewed buying pressure
Exchange net position change, which tracks the flow of coins into and out of exchanges, shows that BNB outflows have spiked sharply since October 20th. If this value is negative, it means the coin is leaving the exchange, often indicating accumulation by holders.
Net outflows on October 20 were 982,619 BNB. By October 23rd, they had jumped to 3.25 million BNB, an increase of over 230% in just 3 days.
Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
This is a strong sign that large holders have begun withdrawing their tokens from exchanges, perhaps hoping for amnesty or a broader recovery, a move typically seen when traders plan to hold rather than sell.
But one key group is still not on board, creating a stumbling block.
The relative address supply distribution, which measures how much supply is held by different wallet sizes, shows that the share of wallets holding 10,000 to 100,000 BNB (including large whales) decreased from 1.43% on October 14th to 1.20% on October 23rd.
Sponsored Sponsored
This decline was one factor that prompted the correction in mid-October. If these holders start accumulating again, it could add weight to the bullish trend stemming from recent outflows.
BNB price finds support, hidden bullish divergence form
BNB price has been trading within a widening ascending wedge since late July, a typically bearish reversal pattern. BNB fell from $1,379 (all-time high) on October 13 to nearly $1,020 before rebounding at the lower end of the wedge.
It eventually regained $1,105, confirming short-term support.
The Relative Strength Index (RSI), which measures buying and selling momentum, shows hidden bullish divergence. Prices hit a new low since August 2nd, while the RSI hit a new low. This usually indicates a continuation of a previous uptrend.
If BNB closes above $1,242 (0.618 Fibonacci level), a zone that often acts as the strongest resistance, BNB could move towards $1,302 and retest $1,379.
However, if the price is unable to sustain at $1,105, the downside risk may increase again towards $1,020 or even $891.
