BNB Price Spikes 2.2% on a 98% Leap in Trading Volume as SEC Chairman Paul Atkins Drops a Bombshell

The crypto market got a massive win this week with the swearing-in of Paul Atkins as the 34th SEC Chairman on April 22, 2025.

The price of BNB has spiked 2.2% in the last 24 hours to trade at $617 as of 4:26 a.m. on Thursday, fueled by a 98% leap in trading volume to $1.08 billion.

The buzz around BNB stems from a key breakout pattern spotted on its chart.

As the chart shows, BNB broke out of a falling channel, which suggests that the trend could be shifting from bearish to bullish.

This breakout is significant as it could open the door for a rally to $750, which is the next major resistance level.

The price moved above the falling resistance trendline on April 23 and is now testing the 50-day simple moving average (SMA) at $647, which provides an initial indication of early bullish momentum building.

The breakout candle is bullish with a long body and minor wicks, which indicates strong buyer control. This is a bullish breakout candle, which could potentially mark the start of an upward move.

With the price holding steady at $617 and volume steadily increasing, BNB’s bullish momentum is likely to continue.

If history repeats itself, BNB price could likely witness a push toward the $750 target.

The chart also shows the price approaching $647, which marks a key resistance and also aligns with the 50-day SMA. The 200-day SMA, however, is sitting at $498 and offers robust support.

This tight spread between the 50 and 200-day SMAs is a good sign for the bulls.

The relative strength index (RSI) at 51.38 signals bullish momentum.

If BNB can hold above $597 and smash through $634, it might see a quick run-up to $750. Conversely, if it dips below $597, bears might take control and push it to $536 or lower to $500.

Data from the liquidation map from Coinglass shows a decent amount of short positions getting rekt on Binance, OKX, and ByBit.

What’s more, there is about 3 times more cumulative long liquidation leverage than shorts, which means the market sentiment around BNB coin is bullish as traders anticipate the price will surge higher in the future.

A deeper look at the liquidation map shows about $3 billion worth of shorts piled up around the $627-$631 range. This means BNB will likely have an easy time hitting $750 if it manages to break above this resistance level.

That’s some serious upside, and with the falling channel breakout already in play, $750 looks like a pitstop on the way to four-digit territory.

What’s more, Bitcoin’s price is flexing hard, sitting at $94,548 as SHorts get destroyed, per the Coinglass data showing cumulative short liquidation leverage tanking.

The BNB price is sitting pretty with a solid technical setup, a pro-crypto SEC Chairman, and growing market confidence.