The cryptocurrency market has rebounded following the CPI data release, with Bitcoin (BTC) recovering above $97K. This shift in sentiment has fueled a surge in altcoins, with Binance Coin (BNB) jumping over 9% to reclaim a $98 billion market cap, surpassing Solana (SOL) in rankings.

Testing a Critical Breakout Level

BNB is currently trading at $707,12 and forming a descending broadening wedge pattern after facing rejection at $793 in December. A strong bounce from the $503 support level on February 2 has led to renewed bullish momentum, with BNB now testing the upper resistance of the wedge.

Technical indicators suggest further upside potential, with the 100-day SMA providing support and the MACD signaling a bullish crossover. If BNB successfully breaks out of this formation and holds above resistance, it could rally toward its previous high of $793, representing a 16% gain.

Can BNB Extend Its Rally?

BNB’s next move will depend on broader market trends, particularly Bitcoin’s stability and Ethereum’s momentum. If BTC continues its recovery, BNB could build on its bullish trend and push toward new highs in the near term.