In June, Binance Coin (BNB) experienced an incredible price surge, becoming the first altcoin to reach an all-time high (ATH) among the top ten cryptocurrencies after Bitcoin. This event was particularly interesting as it occurred about three months after Changpeng Zhao, the founder and former CEO of Binance, was sentenced to four months in prison. With documents suggesting CZ’s release next month, there are speculations that BNB could reach new ATHs in the future.
CZ’s Return Home Signals Strength for Binance and BNB
According to information shared by the United States Federal Bureau of Prisons (BOP), CZ has left the prison in Lompoc, Central California. Recent data indicates that Zhao is currently at the Residential Reentry Management (RRM) in Long Beach.
RRM serves as a rehabilitation center in San Pedro, in the same city. Recent information suggests that this transfer is related to CZ’s expected release on September 29.
On the other hand, CZ’s situation is also thought to have a significant impact on the BNB price. For instance, according to Artemis data, BNB’s DEX trading volume exceeded 1 billion dollars for the first time since the massive market drop on August 5. This volume is calculated as the amount of cryptocurrency traded outside centralized platforms like Binance.
The increase in this value indicates rising demand and may suggest a price increase expectation for the coin. As of the time of writing, BNB is trading at 587 dollars, 18% below its ATH of 720.67 dollars.
If this rise in DEX volume continues until CZ’s expected release date, BNB’s price may also move accordingly. If this happens, the coin’s value could potentially surpass its current ATH.
How Much Will BNB Be Worth?
Despite the fluctuations in BNB’s price, the 4-hour chart showed an upward trend within a rising channel. The formation reflected in the chart indicated that the upward trend was still ongoing. If the formation continues without breaking, BNB could potentially retest the 700-dollar level before the end of September.
Additionally, according to the chart below, BNB’s price may rise again to 648.80 dollars in the coming weeks. If buying pressure increases, the price could jump to 724.67 dollars.
However, if things go awry and there is an issue with CZ’s release or if the SEC files a new lawsuit, market participants could be negatively affected. Additionally, the overall market trend could turn bearish again, resulting in BNB’s value dropping to 526 dollars or even 472 dollars.
