Binance [BNB], ranked fourth by market capitalization, is a top altcoin to watch, especially with growth expectations in Q4 2024.

BNB, like other coins, has faced many difficulties but has remained stable despite its founder, CZ, former CEO of Binance, serving a four-month prison sentence for violating anti-money laundering laws.

CZ's release on September 29 marks a pivotal moment for Binance and Binance Smart Chain (BSC) as a whole.

When news of CZ’s freedom broke, BNB started trading near the $600 price level, a key resistance level that it has failed to break since July 5. Now, BNB/USDT is likely to break this level.

Previously, BNB/USDT hit a low on July 5, hit $600 two weeks later, and fell lower on August 5. Another attempt to break $600 was made three weeks later, but also failed.

However, the current arrangement of market conditions, combined with CZ's return, suggests that this time may be different. This combination could provide the necessary impetus for BNB to move higher.

Binance is eyeing the altcoin season

Bitcoin dominance is about to peak, paving the way for the anticipated start of altcoin season, which could further boost BNB’s price action.

If history repeats itself, altcoin season could begin in about 50 days, which would align with the possibility of BNB surpassing $600.

With these factors in mind, traders could see the price rising towards $800 if market indicators continue to show bullish momentum.

Furthermore, the daily relative strength index (RSI) of the cryptocurrency market is at 59 at press time, indicating positive sentiment for most cryptocurrencies.

This RSI level shows bullish momentum, but remains below overbought levels, signaling there is still room for further upside.

With this favorable sentiment, BNB could continue to rise as it enters a strong Q4.

Monthly active user rate on top game chains

Furthermore, BNB Chain's role in the gaming sector is contributing to its widespread adoption.

It ranks among the top five gaming blockchains by monthly active users as of September 2024, behind Solana (33%), Tron (27%), Ronin (22%) and ahead of Polygon (8%) with BNB at 10%.

As BNB Chain gains more popularity in gaming and other blockchain applications, its growing usability will strengthen its position to break and sustain above the $600 resistance level.

BNB is in a strong growth position, with key factors such as the CZ release, favorable market sentiment, and increasing blockchain adoption boosting the coin’s upside potential. If all goes well, BNB could break above $600 and aim higher in the coming months.