In June, Binance Coin (BNB) became the first of the top ten altcoins to reach a new all-time high (ATH), following the imprisonment of former Binance CEO Changpeng Zhao (CZ). CZ is set for release next month, and his return could push BNB's price higher.
CZ's transfer to a halfway house ahead of his release has sparked speculation about BNB's price. DEX trading volume for BNB has exceeded $1 billion, indicating strong demand. This could drive BNB's price up, surpassing its current $578.72 value.
Despite short-term negative funding rates, BNB's bullish sentiment remains strong. The 4-hour chart shows an ascending channel pattern, suggesting BNB could retest the $700 mark by the end of September.
The Awesome Oscillator (AO) on the daily chart is positive, confirming bullish momentum. Predictions indicate BNB could rally to $648.80 or even $724.67 due to increased buying pressure.
However, potential legal issues involving CZ and the US SEC could negatively impact BNB's price, possibly dropping it to $526 or even $472.
