$1.75 BNX surges 41% ahead of token swap

BinaryX (CRYPTO:BNX) has experienced a significant surge, rising 41% in the past 24 hours to trade at $1.75.

This increase is largely driven by anticipation of the upcoming BNX-to-FORM token swap, scheduled for March 21.

The swap is part of BinaryX's broader rebranding efforts, initially launched as the Four.Meme platform in July 2024, which later rebranded to Four and now to FORM due to the widespread use of FOUR in the meme coin community.

The market's interest in BNX is evident from a 412% increase in trading volume and a 33% rise in open interest, which now stands at $96 million.

This indicates strong market participation and bullish sentiment among traders, who are positioning themselves ahead of the token swap.

BNX's price action is also supported by technical indicators, with the token trading above its 20-day exponential moving average (EMA), suggesting an uptrend.

If buyers maintain control, BNX could break through the $1.77 resistance and reach $2.19.

The positive funding rate of 0.339% further reinforces the bullish outlook, indicating strong buying pressure among traders.

"A positive funding rate means long traders are paying short traders, confirming the bullish sentiment in the market," a market analysts noted.

BinaryX's recent performance is part of a broader trend where gaming tokens are experiencing a resurgence, with BNX delivering a remarkable recovery rally of over 700% from its key support level.

This surge has positioned BNX as a standout performer in the market, with potential for further gains as it approaches its all-time high resistance.

At the time of reporting, the BinaryX (BNX) price was $1.79.