BNB dropped below the $850 mark early Sunday, according to Binance Market Data.
The cryptocurrency was trading at $849.89 on early Sunday, Dec. 21.
The move represented a 0.51% decrease over the previous 24 hours.
What Happened
BNB, the native token of BNB Chain, experienced modest selling pressure overnight.
The cryptocurrency tested the $850 support level as broader market consolidation continued.
BNB's market capitalization stood at approximately $117 billion, maintaining its position among the top five cryptocurrencies by market value.
The token has been trading in a tight range between $840 and $870 throughout the week.
Technical indicators showed BNB holding above key support zones despite the minor decline.
Trading volume remained stable at around $3.5 billion over 24 hours, suggesting steady market participation.
The price action followed a pattern of consolidation after BNB reached higher levels earlier in December.
Read also: BNB Chain Expands Stablecoin Ecosystem As United Stables Launches $U
Why It Matters
BNB's price stability reflects ongoing strength in the Binance ecosystem despite short-term volatility.
The cryptocurrency has demonstrated resilience amid broader market uncertainty affecting digital assets.
BNB Chain continues to show strong network fundamentals, with daily transaction volumes and active addresses rising throughout the fourth quarter.
The token's performance often serves as a barometer for centralized exchange activity and decentralized finance adoption on BNB Chain.
Recent data showed BNB Chain's total value locked increased 30.7% in the third quarter to $7.8 billion, driven by DeFi protocol growth.
Stablecoin market capitalization on BNB Chain also expanded 32.3% to $13.9 billion during the same period.
Traders are monitoring whether BNB can reclaim the $870-$880 range or if further consolidation below $850 will test lower support levels.
The broader cryptocurrency market remained in a cautious phase, with investors watching macroeconomic factors and regulatory developments heading into year-end.
Read next: Bipartisan House Bill Exempts Stablecoin Payments Under $200 From Capital Gains Tax
