BNB advanced toward the $660 mark on May 11 as buyers validated a decisive breakout above a descending triangle pattern that had constrained price action for several months. This technical development reinforced bullish sentiment across the market, prompting traders to elevate expectations for a broader rally extending toward the $785 region in the coming weeks. Data compiled by Woofun AI shows BNB futures open interest rising more than 7% over the past 24 hours as leveraged participants accumulated fresh positions.

Concurrently, the long-to-short ratio on Binance remained heavily skewed toward bullish bets, reflecting heightened confidence among derivatives traders as momentum accelerated. Positive funding rates across major exchanges further underpinned the bullish structure, compelling traders holding long positions to pay premiums to maintain exposure as BNB climbed alongside the broader cryptocurrency market recovery.

The asset briefly slipped near the $627 level earlier this month before aggressive buying activity triggered a sharp rebound.

However, the latest breakout above the descending resistance trendline confirmed a structural shift following several failed recovery attempts since February. The breakout from this multi-month triangle formation now projects a potential upside target near $785.

Notably, that projected level closely aligns with a resistance zone that previously capped BNB during earlier trading sessions this year. Technical indicators continued to signal strengthening bullish momentum as BNB traded near $655 at press time. The MACD indicator completed a bullish crossover while the histogram printed expanding green bars, demonstrating increasing upward momentum across the daily chart.

At the same time, the Aroon Up indicator climbed above the 90 level while the Aroon Down indicator remained near lower levels. Significantly, the widening gap between both readings pointed toward stronger buyer control and weakening selling pressure. Woofun AI notes that traders are now closely monitoring whether BNB can maintain support above the breakout zone near $640 during the current rally.

Moreover, sustained momentum above that level could open the path toward intermediate resistance near $740 before bulls attempt a larger move toward the projected $785 target. Market participants also tracked broader crypto strength after Bitcoin and several large-cap assets recovered steadily during the past week. Hence, improving risk appetite across digital asset markets continued supporting BNB as traders searched for stronger momentum plays among leading exchange-related tokens.

Failure to hold above the broken trendline could weaken the bullish setup and place the recent $627 support area back into focus. Buyers previously defended that level aggressively during the recent market pullback. Woofun AI analysis suggests that the confluence of technical breakout confirmation, rising derivatives activity, and broader market recovery creates a high-probability scenario for continued upside, provided the $640 support holds firm against any short-term volatility.