The price of Binance Coin (BNB) rose to regain its fourth place in the ranking of digital currencies in terms of market capitalization, surpassing Solana Coin (SOL), which was affected by general declines in the crypto market. According to CoinMarketCap data, the price of BNB fell by 5% in the last 24 hours, bringing its market value to $81.3 billion, while the value of SOL fell by more than 10% to settle at $75 billion.
### Is this rise a positive indicator for BNB's future prospects?
Factors affecting the BNB market:
1. Political fluctuations:
- Recent weeks have witnessed a decline in the chances of former US President Donald Trump in regaining the presidency, which affected the digital currency market. On the other hand, the fortunes of Kamala Harris' presidential campaign improved, which enhanced her chances of victory.
Political tensions in the Middle East may negatively affect the general mood of the crypto markets.
2. Increase in Bitcoin supply:
- Potential sales by the US government and repayment of Mt.Gox platform creditors are likely to negatively impact the market.
3. Impact of Grayscale Fund:
- The continued exit of investments from the Grayscale Ethereum (ETH) ETF may put pressure on the price of ETH, comprehensively affecting the assets of the entire sector.
### Technical forecast for BNB price
The price of Binance Coin is down 8% from its July highs to reach $558 recently. The chart reveals growing pressures that could push BNB price to break the support level at $557. If this happens, the wave of declines may extend to touch the 200-day moving average (DMA-200) line and possibly retest the recent lows at $450.
### Conclusion
BNB price faces multiple challenges from political factors and market volatility, which may impact its performance in the near future. Monitoring these factors and analyzing technical movements will remain crucial to determining the prospects of the digital currency in the coming period.
