Market Manipulation Allegations and its Effects on Binance’s BNB

Unlike other altcoins, Binance’s BNB did not see capitulation despite allegations of market manipulation against the Binance exchange and Wintermute.

Wintermute’s Solana (SOL) balance charts synchronized with Binance’s, suggesting the Market Maker (MM) played a role in dumping prices for various altcoins. Binance’s SOL balance peaked at 1.7 million and dropped to 0.5 million, while Wintermute’s balance increased to 1.2 million before falling to 0.6 million. This indicates that approximately one million SOL was moved, causing prices to plummet from $300 to $150, with over $110 billion wiped off the altcoin market.

Liquidation and Trading Volume

Following this activity, BNB remained resilient, unlike other altcoins. Key liquidation levels appeared between $640 and $660 before the price sharply fell to around $620, possibly triggering stop-loss orders and marking a potential support level. A sustained move above these levels could indicate a recovery, challenging resistances around $680. Conversely, failing to reclaim $640 could lead BNB to test support levels around $600.

On-chain trading showed PancakeSwap, a BNB-based decentralized exchange, dominating with a daily trading volume of $2.1 billion, surpassing competitors like Uniswap and Raydium. Driven by low fees and the efficiency of the BNB Chain, PancakeSwap captured a market share of 21.87% and indicated growing DeFi adoption on the platform.

Price Outlook for BNB

The price action of Binance Coin fell sharply, reaching a support zone at $594.64, which is marked as a Fair Value Gap (FVG). A rebound from this level could lead BNB to test resistance near $612 and then $640; however, failing to maintain this support could see prices decline further, testing lower levels around $580 or $560 and potentially dropping below $500.

Due to the ongoing community backlash against Binance, investors should remain cautious amid the strong bearish momentum.