BNB Retreats Following Failed Upside Push, Support Zone Intact as Accumulation Builds

BNB declined by nearly 1.5% over the past 24 hours, trading around $765 after reaching a weekly peak of $780. The drop triggered high-volume selling near the $760 mark, with a $34.87 intraday swing highlighting the increased volatility. CoinDesk Research noted a spike in hourly trading volume to almost 12,000 tokens, signaling liquidation pressure at key psychological levels.

The slide in price allowed Solana (SOL) to overtake BNB in market capitalization. SOL rose 3.5% to a market value of $109.3 billion, surpassing BNB’s $106.6 billion.

BNB faced stiff resistance near $770 early in the session, where sell-side pressure from large holders caused rejection candles to form. Despite this, buyers defended the $745.75 support zone, sparking a modest rebound.

Adding to the day’s developments, Binance announced a temporary pause in BNB Smart Chain withdrawals for scheduled wallet maintenance on July 23, expected to last 30 minutes.

Meanwhile, Nano Labs, a blockchain infrastructure firm, revealed it has accumulated 120,000 BNB—valued at approximately $90 million—as part of its expanding crypto treasury strategy. The move underscores continued institutional interest in BNB despite short-term weakness.