Many traders believe Changpeng Zhao’s release will send BNB price into the $700 to $1,000 range, but does BNB Chain activity support this view?
BNB (BNB), the native token of BNB Chain, surged to $614 on Sept. 27, marking a 25.7% gain over three weeks. This is the first time BNB has closed above this level since June 2024, sparking speculation that the bullish momentum could extend further. However, some market participants attribute the rally to the release of Binance founder Changpeng “CZ” Zhao from US custody after four months of detention.
BNB/USD (blue) vs. altcoin market capitalization (green). Source: TradingView
Since BNB’s performance closely mirrors the broader altcoin market over the past three weeks, there is little support for the theory that CZ’s release is driving the rally. Nevertheless, some technical analysts suggest that the recent resilience of BNB, which avoided dropping below $500, signals that the bullish trend may be just beginning. A few even argue that $1,000 could be a realistic target for BNB.
