binance coin It traded at $1,126, up 3.3% over the past 24-hour period, outperforming broader crypto markets after the US. President Donald Trump issued a pardon for Binance co-founder and former CEO Changpeng Zhao.
Zhao pleaded guilty in November 2023 to violating the Bank Secrecy Act and agreed to withdraw from the exchange he founded. The attempt to imprison him for three years was criticized in the crypto industry and Zhao ultimately received a four-month sentence.
In a statement, White House Press Secretary Carolyn Leavitt described the prosecution under President Biden as a “war on cryptocurrency.”
“We believe CZ’s pardon is more than an inflection point for him personally, but also for BNB and potentially Binance, paving the way for greater access to the US market,” said David Namdar, CEO of CEA Industries, the largest publicly traded BNB treasury firm.
“The fundamentals of BNB have never looked better in our opinion: a massive global user base, deep real-world adoption, and equal utility across DeFi and CeFi,” he said.
BNB’s rally was fueled by a surge in trading volume, which was nearly 35% above its seven-day average, according to CoinDesk Research’s technical analysis data model. In the rally, the token rose from $1,085.96 to $1,130.25 before facing resistance between $1,140 and $1,143. Market data suggests that buying pressure is likely to be greater than short-term speculation.
Technically, the token seems to be consolidating. Short-term resistance at $1,128 has limited several intraday rallies, while support at $1,124 remains in place despite several tests.
Traders are watching to see if BNB can break out to $1,150, or if a failure at the current level will send it back towards $1,078.
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