Binance [BNB], ranked 4th 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 the founder CZ, former CEO of Binance, having to serve a four-month prison sentence for violating anti-money laundering laws.

September 29, marking the end of CZ's sentence, is a major milestone for Binance and the entire Binance Smart Chain (BSC) ecosystem.

As news of CZ's release broke, BNB started trading near $600, a key resistance level it has not been able to overcome since July 5. Now, BNB/USDT is likely to break above this level.

Previously, BNB/USDT hit a low on July 5, approached $600 two weeks later, and fell to a low on August 5. Another attempt to surpass $600 three weeks later was also unsuccessful.

However, with the combination of current market conditions along with CZ's return, things could be different this time around. This combination could provide the necessary momentum for BNB to break higher.

Binance looks ahead to altcoin season

Bitcoin Dominance is nearing a peak, paving the way for the expected start of altcoin season, which could 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 breaking above $600.

With these factors in mind, traders could see BNB moving towards $800 if market indicators continue to favor the uptrend.

Furthermore, the crypto market’s daily relative strength index (RSI) is at 59 at the time of writing, indicating positive sentiment for most cryptocurrencies.

This RSI level shows an uptrend, but is still below the overbought level, signaling that further upside is possible.

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

Monthly Active User Share on Top Game Chains

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

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

With BNB Chain gaining traction in gaming and other blockchain applications, the rising usage rate strengthens its position to break and sustain above the $600 resistance level.

BNB is in a strong position for growth, with key factors such as CZ’s release, positive market sentiment, and increased blockchain adoption pushing the possibility of further gains. If all goes well, BNB could surpass the $600 price level and aim for higher targets in the coming months.

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