Ranked as the fourth-largest cryptocurrency by market capitalization, Binance’s native token, BNB, is attracting attention as a potential winner in the final quarter of 2024.
Despite encountering challenges similar to other digital assets, BNB has exhibited resilience notably during the period when its founder, CZ, the former CEO of Binance, was serving a four-month sentence related to anti-money laundering violations.
The recent release of CZ on September 29th signifies a significant milestone for Binance, along with the broader Binance Smart Chain (BSC) ecosystem.
Upon news of CZ’s return, BNB’s price surged towards the $600 mark, a crucial resistance level that has eluded a breakthrough since July 5th. The current momentum suggests that BNB/USDT might have the potential to surpass this barrier.
Previously, the BNB/USDT pair reached a low point on July 5th, approached the $600 level two weeks later, only to drop further by August 5th. Several subsequent attempts to breach the $600 threshold in the following weeks proved unsuccessful.
Nonetheless, given the current market conditions and CZ’s reentry into the picture, there is optimism that this time, the outcome could be different. This confluence of factors may fuel the necessary momentum for BNB to make a significant upward move.
Anticipation of Altcoin Season at Binance
As Bitcoin dominance nears its peak, there is an expectation for the commencement of the altcoin season, which could provide additional impetus to drive BNB’s price trajectory higher.
Based on historical patterns, the altcoin season could potentially initiate in approximately 50 days, aligning with a possible breakout for BNB past the $600 mark.
In the presence of these underlying factors, traders might witness a push towards $800 if the market indicators continue favoring a bullish trend.
Furthermore, the daily relative strength indicator (RSI) in the crypto market currently stands at 59, indicating positive market sentiment across most cryptocurrencies.
While this RSI level reflects bullish momentum, it remains below the overbought threshold, implying room for further upward movement.
With this favorable market sentiment, BNB could experience further growth as it approaches a robust Q4.
Increasing Monthly Active User Share across Leading Gaming Chains
Besides, BNB Chain’s involvement in the gaming sector is enhancing its overall adoption rate.
In September 2024, BNB Chain secured a position among the top five gaming blockchains by monthly active users, trailing Solana (33%), Tron (27%), Ronin (22%), and leading ahead of Polygon (8%) with a share of 10%.
The growing utilization of BNB Chain in gaming and other blockchain applications is strengthening its usability, thus reinforcing its potential to surpass and sustain levels above the $600 resistance.
With a promising outlook supported by CZ’s return, positive market sentiment, and expanding blockchain adoption, BNB seems primed for further growth.
If all factors align harmoniously, BNB could indeed breach the $600 threshold and set its sights on loftier targets in the upcoming months.