The price of Binance’s native token on the BNB chain is steadily approaching a crucial resistance level near its previous all-time high of $691 per BNB. Despite multiple attempts over the past three years, the cryptocurrency has failed to surpass this barrier.
But this time, there is a new dynamic at play. The impending release of Changpeng Zhao, or CZ, the former head of Binance known for his market influence, in just four days on Sept. 29, is sparking speculation among traders and enthusiasts.
Following a massive $4.2 billion fine imposed on Binance earlier this year as part of a settlement with the DoJ and the U.S. SEC, CZ served a four-month jail sentence. As CZ’s release coincides with BNB reaching multi-year highs, the crypto community is buzzing with anticipation.
The combination of technical and fundamental factors surrounding CZ’s return has led to increased speculation that his reentry into the crypto space could act as a catalyst for BNB to break through resistance and target a new all-time high.
While the outcome remains uncertain, the unique situation presents an intriguing scenario. The impact of CZ’s comeback on market dynamics is unprecedented, making it a noteworthy event for the industry. Whether BNB’s price will soar to new heights post-CZ’s release remains to be seen, but the convergence of factors is undeniably captivating.
