BNB Chain activity and BNB derivatives indicate a healthy bull run, but no room for further upside.
BNB (BNB), the native token of the BNB Chain, reached an all-time high of $723 on June 6, but quickly corrected down to $705. Despite this correction, BNB has accumulated an impressive 19% gain in the first six days of June, vastly surpassing the 4.2% gain seen across the total crypto market during the same period. Traders are now questioning the sustainability of this rally and looking for indicators that might support further bullish momentum for the BNB price.
Binance’s founder in jail is a net negative for the BNB price
The timing of the BNB rally is particularly surprising given that Binance exchange’s founder and former CEO, Changpeng “CZ” Zhao, was reportedly moved to a federal prison in California on June 1 to begin serving his four-month sentence for charges related to money laundering. While CZ’s fate was largely expected following the court sentencing announced on April 30, his incarceration significantly limits any interference in Binance’s strategy and administration.
