Can bullish sentiment help altcoins BNBs eyeopening journey

CoinJew.com Report:
BNB faces a key resistance at $617, and bullish sentiment suggests a possible breakthrough.
Increasing public interest and stable social dominance indicate growing confidence, but volatility is imminent.
Binance Coin [BNB]
With the continued strengthening of bullish sentiment in the market, this stock is receiving widespread attention. As of press time, BNB’s trading price is $609.51, up 1.94% in the past 24 hours.
Crowd and savvy fund indicators both show optimism; can BNB break through the key resistance and continue its current upward trend?
Can BNB clear the key resistance?
The price trend of BNB shows encouraging signs of strength. As of press time, the token’s trading price has surpassed $600 and faces a key resistance zone at $617.
This level has proven to be a challenging barrier in the past, but clearing it could lay the groundwork for pushing towards the next major target of $715.7. Therefore, breaking this resistance is crucial for further upward momentum.
In addition, the stochastic RSI of this chart is in overbought territory, confirming the strong buying pressure behind BNB’s recent rise.
However, overbought RSI often precedes short-term pullbacks, indicating that BNB may experience a brief adjustment before resuming its rebound.
Traders should watch the support level at $599 in case this retracement becomes a reality.
BNB: Is interest increasing?
Despite fluctuations in the token’s social dominance in recent months, as of press time, its dominance is 0.757%, reflecting continued market attention.
The consistency of this social activity is crucial, as an increase in social dominance is often associated with growing investor interest.
If this trend continues, it may prompt more market participants to turn to BNB, further supporting its price. However, it is worth noting that social dominance alone is not sufficient to guarantee sustained price growth.
A sign of confidence?
As of press time, open interest in the futures market has surged by 5.94% to a total of $562.01 million.
The increase in open interest reflects the growing interest of traders and indicates an increasing bet on the future price trend of Binance Coin.
The increase in open interest usually leads to increased volatility, which may provide more trading opportunities for Binance Coin in the short term.
However, higher open interest also means a larger market risk exposure, as large traders may liquidate, causing significant price fluctuations. With the increase in open interest, traders should remain cautious.
Read also:
Price prediction for Binance Coin [BNB]
 2024-2025
Will BNB maintain its bullish momentum?
The price increase of Binance Coin, bullish sentiment, and the increase in open interest all indicate potential upside. However, overcoming the key resistance at $617 remains crucial.
Although Binance Coin seems ready for further upside, there may still be a short-term pullback. If BNB breaks through this resistance, it could rebound to $715, laying the foundation for more bullish action.