The cryptocurrency market is bouncing back, according to CoinStats.BNB chart by CoinStats

BNBUSD

The price of Binance Coin BNB has fallen by 0.38% over the past day.Image by TradingView

On the hourly chart, the rate of SOL has broken the local resistance level of $571.1. If the daily bar closes above it, the growth may continue to the $590-$600 zone soon.Image by TradingView

On the bigger time frame, the price has made a false breakout of yesterday’s low. However, the rate of SOL does not have enough strength for a continued bull run. 

In this case, sideways trading in the range of $570-$590 is the more likely scenario.Image by TradingView

From the midterm point of view, the situation is quite similar. As none of the sides has seized the initiative yet, traders may expect ongoing consolidation in the zone of $550-$600 by the end of the month.

BNB is trading at $580 at press time.