Binance’s Bumpy Ride: Market Manipulation or Just Bad Luck?

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  • In a curious twist of fate, Binance’s BNB has managed to dodge the capitulation bullet, despite the exchange being accused of market manipulation. Quite the Houdini act, wouldn’t you say?
  • Wintermute’s SOL balance charts, which seem to have been choreographed by a particularly mischievous market maker, suggest a rather dubious partnership in the art of price dumping.

The crypto community, ever the gossip mill, has erupted in discussions, linking the Binance [BNB] exchange and Wintermute in a scandal that would make even the most seasoned soap opera writer blush. 📉

With their Solana [SOL] balances performing a synchronized dance, it appears the Market Maker (MM) was allegedly complicit in the grand price dump extravaganza.

Binance’s SOL balance peaked at a staggering 1.7 million, only to plummet to a mere 0.5 million. Meanwhile, Wintermute’s balance took a rollercoaster ride from 1.2 million to 0.6 million. 🎢

This suggests that a cool million SOL was orchestrated to crash prices from $300 to a mere $150. Talk about a dramatic fall from grace!

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As if that wasn’t enough, the same fate befell most altcoins, leading to a staggering $110 billion being vaporized in the altcoin market, as our dear analyst Marty Party noted on X (formerly Twitter). 🎉

If Binance’s alleged manipulation continues, we might just see SOL tumble to $140, igniting a panic selling spree across the crypto landscape. Hold onto your hats, folks!

Liquidation and Chain’s Trading Volume

In the aftermath of this financial circus, BNB has managed to avoid the capitulation fate that befell its altcoin brethren. The heatmap revealed key liquidation levels between $640 and $660 before the price took a nosedive to around $620.

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This sharp drop to $620 was pivotal for BNB, likely triggering a flurry of stop-loss orders, hinting at a potential support level. Who knew trading could be so dramatic?

A sustained move above these levels could signal a recovery phase, potentially challenging higher resistances towards $680. But beware, for failing to reclaim the $640 level could see BNB testing lower supports, possibly around the $600 mark. 😱

On the on-chain trading volume front, PancakeSwap, the BNB-based decentralized exchange, has surged to dominate with a daily trading volume of $2.1 billion. Quite the feat, considering it surpassed Uniswap’s [UNI] $607.2 million, Raydium’s [RAY] $439.1 million, Hyperliquid’s [HYPE] $312.5 million, and PumpDotFun’s $98.7 million. These totaled a mere $1.4575 billion. 🥞

PancakeSwap’s market share was buoyed by low fees and the efficiency of the BNB Chain. This milestone reflects the growing DeFi adoption on the BNB Chain, with PancakeSwap’s volume hitting a 21.87% market share. If this trend continues, PancakeSwap could solidify its position, but volatility remains a lurking specter as competitors adapt.

How Will BNB’s Price React?

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Linking these developments with the price action of Binance Coin chart reveals a sharp decline, reaching a key support zone at $594.64, marked as a Fair Value Gap (FVG). Quite the mouthful, isn’t it?

If BNB rebounds from this level, it could potentially test resistance levels near $612 and then $640. Fingers crossed! 🤞

Conversely, if it fails to hold this support, the price could slide further to find lower support around $580 or $560, testing previous lows. A drop below the true closes could see BNB testing levels below $500. Yikes!

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2025-02-25 17:47