Key Highlights:

• Binance’s BNB token has been on an upward trend after the SEC dismissed its lawsuit against the exchange last week.
• The SEC’s decision allowed Binance to restore U.S. dollar deposit functionalities on its U.S. platform.
• Recently, BNB Chain has managed a daily decentralized exchange (DEX) volume of $14 billion, exceeding that of Ethereum and Solana combined.

On Tuesday, Binance’s BNB token rose due to the U.S. SEC dismissal of its lawsuit against the cryptocurrency exchange. The price surged from $650.28 to $673.70, marking a 3.6% increase before settling around the $665 level.

The SEC’s decision coincided with the reintroduction of U.S. dollar deposit features, such as ACH bank transfers, revitalizing Binance’s fiat channels.

Technical Analysis Overview:

• The technical data indicates strong accumulation patterns for BNB.
• Recent price movements have formed an ascending channel, briefly reaching $673.70 before consolidating around the significant $665 mark.
• A noteworthy volume spike indicates that buyers are interested in maintaining the price above these levels, which could signal the beginning of a longer bullish trend.