BNB Price Hits $1,240 Record High: Partners With Chainlink For On-Chain US Economic Data

Ben Graham · Outubro 7

The BNB price continues to defy broader market trends, reaching an impressive new peak of $1,240 to kick off the week and solidifying its status as one of the top performers in the cryptocurrency industry.

BNB Chain Partners With Chainlink

Over the past 30 days, the BNB price has recorded an impressive 41% gain, driven in part by a recent collaboration between BNB Chain and Chainlink (LINK), dubbed as one of the market’s leading oracle providers.

This partnership was publicly announced on Monday on social media platform X (formerly Twitter), where Chainlink revealed that BNB Chain had adopted its data standard to make official US Department of Commerce data available on-chain.

The data sourced from the Bureau of Economic Analysis will enable Chainlink Price Feeds to deliver critical macroeconomic indicators directly to BNB Chain.

These indicators include key metrics like Gross Domestic Product (GDP), the Personal Consumption Expenditures (PCE) Price Index, and Real Final Sales to Private Domestic Purchasers.

Chainlink asserts that the availability of such data opens up a series of new possibilities for developers, allowing for the creation of new types of digital assets, prediction markets that leverage transparent economic inputs, and perpetual futures markets grounded in official government statistics.

Furthermore, decentralized finance (DeFi) protocols can improve their risk management strategies by aligning them with real-world economic conditions.

BNB Price Target Raised To $1,500

Market expert Crypto King has been vocal about the BNB price trajectory, asserting that the token is demonstrating a clear trend of upward momentum.

He identified three significant breakout phases: one in July that sparked a strong rally, a second in September, and the current breakout, which he believes is building toward new highs. Crypto King has set an ambitious target of $1,500 for Binance Coin, suggesting that this structural climb is anything but random.

However, not all market analysts share the same optimism. Another expert, known as Crypto Claws on X, has issued a cautionary note, warning that if the current momentum fizzles, a correction toward the $700 range by December could be on the horizon.

This scenario would imply a potential 43% decline for the BNB price, raising concerns about the token’s technical structure and the likelihood of a necessary pullback before the next significant bullish leg.

In addition to the BNB price performance, other cryptocurrencies are also following the token’s lead. Bitcoin (BTC) has surged past the $125,000 mark, achieving a new record, while Ethereum (ETH) is just 5% shy of breaking its previous high.

Meanwhile, Chainlink’s native token, LINK, remains well below its all-time high of $52.70, currently trading just under $23—a gap of nearly 57% that suggests room for growth.