BNB has dropped 0.3% in the last 24 hours, and it was trading at $320 at the time of writing. Over the past week, BNB has gained around 12%, reflecting a similar performance as the one seen across the broader cryptocurrency market.

BNB has the potential to gain

BNB has been mimicking the performance of the broader cryptocurrency market. Last week, the token witnessed a spike in volatility as the majority of the broader cryptocurrency market rallied as many coins created new all-time highs.

BNB’s volatility in the past 24 hours has been substantial, given that the token has traded between $317 and $326. The current trend is bearish because investors are waiting to see whether the Fed will ease its harsh policies on interest rates.

BNB has reported trading volumes of more than $1.92 billion in the last 24 hours, which is a healthy number, as it shows that traders are interested in the token. During the recent rally, BNB tested highs of $334, and these levels could be tested again if the sentiment turns bullish.

Like most large cryptocurrencies, BNB has not recorded much action over the past day. The lack of volatility can be seen in the Relative Strength Index of 50, which shows that BNB is neither overbought nor oversold.

Binance news could drive BNB gains

The developments surrounding the Binance exchange could trigger a BNB rally independent of the broader cryptocurrency market. The Binance exchange was among the companies that invested in Elon Musk’s move to make Twitter a private company.

The Binance exchange is hoping to use Twitter as a “sandbox” where it will address Web3 issues. According to the chief strategy officer at Binance, Patrick Hillman, Binance wanted to be a “critical partner” in supporting the growth of the social media platform while allowing innovation within the web 3.0 & crypto sector.

Binance is also expanding its reach globally, and it recently expanded its operations into Europe by opening its seventh firm in Ireland. Binance is among the few exchanges that have not been portrayed as having any financial distress amid this year’s harsh bear market.

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