Solana

United

Gary

Read

BNB’s recent surge helped it gain the fourth spot again, <a href="https://crypto.news/sol-becomes-4th-in-market-cap-overtaking-bnb/">flipping</a> Solana (<a href="https://crypto.news/price/solana/">SOL</a>). However, traders are betting against BNB’s rally. 
<a href="https://crypto.news/price/bnb/">BNB</a> is up by 10.4% in the past 24 hours and is trading at $322.75 at the time of writing. The asset’s market cap surged to $48.9 billion, making a $4.6 billion gap with Solana. BNB’s daily trading volume, however, recorded a 4% decline, dropping to $2 billion. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="347" src="https://crypto.news/app/uploads/2023/12/BNB-BNB-11.04.24-28-Dec-2023-1024x347.png" alt="BNB overtakes Solana, traders betting against the surge - 30" class="wp-image-14232080">
 <figcaption class="wp-element-caption">
 BNB price, Binance funding rate, open interest and RSI – Dec. 28 | Source: Santiment
 </figcaption>
</figure> 
According to data provided by the market intelligence platform Santiment, BNB’s total open interest (OI) surged from $354 million to $362 million over the past 24 hours.&nbsp; 
 You might also like: <a href="https://crypto.news/todays-top-cryptocurrency-gainers-rally-double-digits/"> Top cryptocurrency gainers rally double-digits </a> 
However, data shows that short-position holders are currently dominating BNB’s total OI. Per Santiment, BNB’s Binance funding rate stands at negative 0.08% at the time of writing.&nbsp; 
This indicator suggests that a dominant number of traders are betting against BNB’s price hike, expecting a downward momentum again. 
Moreover, data from Santiment shows that BNB’s Relative Strength Index (RSI) surged from 66 to 78.4 over the past three days. When the RSI rises, the indicator usually suggests the possibility of a price drop.&nbsp; 
For BNB to stay bullish, the RSI indicator would need to stay below the 65 mark.&nbsp; 
One of the major elements in BNB’s bearish expectations is <a href="https://crypto.news/bnbs-failure-to-capitalize-the-crypto-rally-reflects-binances-troubles/">Binance’s lawsuit</a> in the United States.&nbsp; 
 Read more: <a href="https://crypto.news/congressman-calls-for-gary-gensler-removal-sec-accountability-in-2024/"> Congressman calls for Gary Gensler removal, SEC accountability in 2024 </a>

BNB overtakes Solana, traders betting against the surge

crypto.news

Other articles published on Dec 28, 2023

Shiba Inu: Who Owns The Highest Number of SHIB Coins?

Ether (ETH) Breaks Out, Propelling 22.7% Rally for AAVE

Binance Coin (BNB) Price Analysis for December 28

Five Countries Set To Join BRICS Next Month

Ethereum (ETH) Price to Hit $10,000, Lark Davis Believes

Expert’s Bold Prediction: Stablecoins Set To Eclipse ETFs, Forging A Multi-Trillion Dollar Market

Join our free newsletter for daily crypto updates!