- BNB price is on track to make a comeback as Binance Labs announces a strategic partnership with staking protocol pSTAKE.
- The partnership is expected to bring more liquidity to the BNB ecosystem.
- Analysts have set a $4,000 to $5,000 target within the next few months for BNB.
Binance Labs has announced a strategic partnership with pSTAKE. This is expected to boost liquidity for the BNB ecosystem and increase the utility and demand for the token.
BNB on track to breakout with new strategic partnership
Binance Labs made a strategic investment in pSTAKE Finance. The venture capital arm was keen on boosting the liquidity of the BNB ecosystem; therefore this strategic investment is key to the BNB ecosystem.
Proof of stake assets on Binance chain can be staked on pSTAKE, and users can mint liquid staked representative tokens to earn rewards and yields.
Amidst the current bloodbath in the crypto ecosystem, BNB price has sustained above $286.20, fueling a bullish sentiment for the altcoin’s recovery.
Proponents believe the strategic partnership could boost BNB’s utility and adoption in the crypto ecosystem.
Ken Li, Executive Director of Binance Labs, was quoted as saying:
Binance Labs is excited to support pSTAKE Finance as they launch BNB liquid staking and bring additional DeFi innovation into the BNB Chain ecosystem. We are excited by the quality of the team leading pSTAKE and look forward to partnering closely.
pSTAKE is a solution that allows users to stake their assets, securing the underlying network. Gert van Lagen, a crypto analyst and trader, has evaluated the BNB price trend and set a bullish target for the altcoin. Based on the Elliottwave channeling method, a $4,000 to $5,000 target is possible within the next few months.
The Elliottwave channeling method is key to market behavior.
$BNB [1W]: #Elliottwave channeling method shows 4-5k is possible within months.
— Gert van Lagen (@GertvanLagen) May 12, 2022
✅Macro 3-4 retraced to the terminus of the 3-4 wave within Macro 2-3 wave (dashed line)
✅1-2 SHARP
✅3-4 FLAT
source: Elliott Wave Principle Key to Market Behavior by Frost and Prechter.#BTC pic.twitter.com/TuII3u5aiL
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.