Binance Coin [BNB] Could Quadruple to $2,775 by the end of 2028, Says Standard Chartered

BTC/USDT on TradingView. There are three years between now and the $2,775 expectation. In crypto land, that is an age and a half. A lot can change.

Binance Coin [BNB] was trading within a range once again. Recently, it was reported that investment bank Standard Chartered believed that the token’s price could quadruple to $2,775 by the end of 2028.

Geoff Kendrick, Head of Digital Assets Research,  wrote that “BNB has traded almost exactly in line with an unweighted basket of Bitcoin and Ether since May 2021 in terms of both returns and volatility”.

Can Binance Coin match these lofty expectations?

There are three years between now and the $2,775 expectation. In crypto land, that is an age and a half. A lot can change.

AMBCrypto’s analysis showed that, in the coming days, a bullish move toward the range high at $720 was possible.

In October and November, BNB had been trading within a range (yellow). The bulls valiantly surged forward alongside Bitcoin [BTC] in early November, but couldn’t push past $750. The exchange token settled into another range formation (white).

Its recent bullish momentum spurred the coin past the mid-range resistance at $630. It was possible that BNB would retest the same level as support.

However, despite the bullish price breakout, the bulls were inadequate to the task of forcing a new high on the OBV.

Hence, despite the strongly bullish momentum, the buying pressure has been lukewarm. Traders and investors would like to see the OBV push past the local resistance (orange) for reinforce their bullish expectations.

The Coinalyze data on the spot demand showed that the rally beyond the mid-range resistance at $630 came on the back of steady demand.

The increased Open Interest (OI) also showed bullish expectations from the 8th of May to the 11th. Over the past day, the dwindling OI suggested that long positions might be taking profits.

The long-term holder NUPL had corrected to 0.097 on the 10th of March. Over the past couple of days, it surfaced above the 0.25 level.

This showed that the market sentiment was transitioning from fearful to hopeful price expectations.

The NUPL is the net unrealized profit/loss, and LTH referred to holders for a period longer than 155 days.

The metric appeared to suggest BNB lacked strong capital inflows as the price remained rangebound despite rising unrealized profits. In turn, this was a sign that BNB might remain rangebound for an extended period of time.