BNB jumps 5% to $590 but stalls below $600 resistance

BNB rose more than 5% to about $590 on July 31 before sellers halted the advance near the $600 resistance level.

CoinGecko data shows BNB trading at about $590 as of 09:00 UTC, up more than 5% over 24 hours, after the token broke a 45-day downtrend that had kept it pinned below $600 since mid-June. The move marks BNB's strongest single-day gain in weeks, though the token has yet to close above the psychological $600 mark.

The advance diverges from the broader market. Bitcoin fell 1.31% to $63,870 and ether dropped 1.40% to $1,890 on July 31, even as the CoinDesk 20 Index still posted its best month in a year with an 8.7% gain since June. Among altcoins, Uniswap's UNI rose 9.30% to $4.41 on continued momentum from its Robinhood layer-2 integration, while Cardano's ADA gained 4.09%.

The buying pressure behind BNB comes as traders rotate into tokens with positive newsflow while the wider market struggles. Bitcoin's 30-day implied volatility index fell to 37%, the lowest since May, a level that has historically served as a floor and preceded fresh spot declines. With options worth $10 billion expiring on Deribit early July 31, the distribution of remaining open interest shows a $60,000 put as the most popular bet, pointing to a cautious tone among derivatives traders even as BNB pushes higher.

A sustained break above $600 would confirm the end of BNB's 45-day downtrend and could draw fresh buying into BNB Chain-linked tokens, while a failure to hold the breakout may trigger profit-taking. Traders are watching whether follow-through volume confirms the move in the coming sessions, with the token's next test likely to come against the $600 level on the daily close. A confirmed close above the mark would open the path toward the token's next resistance zone, while a rejection would leave BNB vulnerable to a retest of recent lows.

This article is for informational purposes only and does not constitute investment advice.