Binance Coin (BNB) is finally showing signs of life after spending several days stuck in a tight range between $635 and $650. Today, the price is at $653.73, up 1.71%, and trading volume has jumped by over 17%, hinting that more traders are getting involved.
What’s behind the move? Two things stand out. First, the BNB price broke out of a falling wedge pattern, which is a classic bullish setup. That descending trendline, which had been acting as resistance since mid-May, finally gave way. BNB didn’t just break through; it also came back to retest the line and held above it, turning that old resistance into new support around the $655 level.
Second, Binance just announced a new airdrop for $HAEDAL tokens through its HODLer Airdrops Portal, which is creating extra noise. Combined with the technical breakout, the news has caught the attention of traders, and of course, crypto Twitter. Top analysts BATMAN and Itachi pointed to the breakout, with one saying BNB “flipped its old trendline” and the other joking that it “finally broke free from crab jail.”
What you'll learn 👉
Elliott Wave Setup Suggests Continuation For BNB Price
The BNB chart structure includes a completed five-wave downward impulse followed by a corrective ABC pattern. BNB price now appears to be in wave C of this corrective move. The next resistance is at $668.83, a horizontal level visible on the 1-hour chart. If broken, the price could extend toward the projected target of $690.
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BATMAN stated, “$BNB just flipped its old trendline, now gearing up for a major move.” This aligns with the current wave projection. Another tweet from Itachi noted, “Looks like BNB finally broke free from crab jail, moon mission might be on.” Both posts reflect the breakout sentiment seen in the technical indicators.
Looks like BNB finally broke free from crab jail, moon mission might be on 🚀
— itachi (@0x_varun) May 21, 2025
Furthermore, Binance announced it will airdrop HAEDAL tokens to users who staked BNB via Simple Earn or On-Chain Yields between May 10 and May 13. The total airdrop allocation is 30 million HAEDAL tokens, with the listing scheduled for May 21. Trading pairs will include HAEDAL/USDT, USDC, BNB, FDUSD, and TRY.
The announcement may have influenced BNB demand. Airdrops often increase interest as holders anticipate rewards. With a large token supply and multiple pair listings, the HAEDAL launch is attracting trader attention and may have supported BNB’s recent price lift.
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🚀 HAEDAL ON BINANCE HODLER AIRDROPS@Binance will airdrop @HaedalProtocol $HAEDAL tokens through the HODLer Airdrops Portal. Users who subscribed their $BNB to Simple Earn or On-Chain Yields between May 10 and May 13 will be eligible to receive the airdrop. Binance will then… pic.twitter.com/xzNK8Vl2KX
— Cryptogics (@cryptogics) May 21, 2025
BNB Key Levels and What to Monitor
Binance Coin (BNB) price now faces resistance at $668.83. A breakout above this level with strong volume could trigger the next rally phase. Support levels to monitor include $655 and the prior accumulation zone between $635 and $650.
The short-term outlook remains focused on whether BNB can sustain this breakout and push toward the $690 target outlined in the ABC wave setup. Trading behavior around the HAEDAL airdrop and listing may further influence momentum in the coming sessions.
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