Binance Coin (BNB) has seen a major $1 billion inflow just ahead of founder Changpeng Zhao’s (CZ) upcoming release from halfway house incarceration, sparking speculation about a potential end-of-year rally. Could this lead to a new bull market for BNB?
Lowkey BNB had one of the smallest drops, I wouldn't be surprised to see a classic impulse-consolidation-impulse here.
— Inmortal (@inmortalcrypto) September 12, 2024
Inevitably bullish for all memecoins on the chain, especially $FLOKI pic.twitter.com/CIGcruqh6o
- $1 billion inflow: Significant capital moved into BNB ahead of CZ’s release, fueling bullish sentiment.
- BNB price action: BNB is currently trading at $542, up 2.41% in the last 24 hours, showing strong market support.
- Price targets: Bulls eye the $575 resistance level, with BNB maintaining key support at $523.
- Technical indicators: MACD and RSI suggest momentum but hint at possible overbought conditions.
The influx of funds and CZ’s release are creating strong bullish signals for BNB. However, traders should watch for potential consolidations and alternative opportunities for higher returns.
