On Monday, August 17, two newly created wallets withdrew 20,007 Binance Coin (BNB) worth $12.1 million, according to Lookonchain. Daily trading volume surged 75% as of the time of writing, with a low-volume weekend contributing to increased volatility. Despite the whale accumulation, the altcoin remains in a broader downtrend, with a bounce halting at $617. Technical indicators point to slowing upward momentum. Key levels to watch are $597 and $620, with a drop below $597 signaling a potential move toward $540, while a breakout above $620 could target the $666–$701 zone.
Binance Coin (BNB) witnessed accumulation by whales. Lookonchain posted on X that two newly created wallets withdrew 20,007 BNB, worth $12.1 million, on Monday, August 17.
The daily trading volume of BNB crypto has spiked by 75% at the time of writing, according to CoinMarketCap data. A low-volume weekend may have given room for an expansion in the altcoin’s volatility.
BNB crypto remains stuck within a downtrend. The price action on the 1-day chart was bearish, with a drop from $745 to $537 in June representing a continuation of the trend in place since November 2025.
At the time of writing, the bounce beyond $600 has been halted at $617. Fibonacci retracement levels show room to the north, and a move into the golden pocket area between $666 and $701 would represent an ideal region to sell BNB crypto.
The DMI showed a lack of a strong trend underway. The MACD was floating above the zero line, but the proximity of the MACD and signal lines showed that upward momentum had slowed down.
The OBV was climbing higher over the past six weeks, but it did not show dominant short-term buyer strength. The 4-hour structure has flipped bullishly in recent weeks, though the slowdown in momentum at the $617 level saw the H4 technical indicators slump toward bearishness.
The key short-term levels to keep an eye on are $597 and $620. A drop below the former would signal extended downward momentum and a potential correction toward $540.
The less likely scenario of a breakout past $620 can take prices to $666 to $701. A lack of buying pressure is what makes this bullish move less likely.
