Binance Coin BNB surges post news of presidential pardon for Changpeng Zhao by Donald Trump. Traders eye key resistance levels amid speculation of an upcoming altseason. Could this political move reshape the cryptocurrency market in the coming months?
The presidential pardon granted to Changpeng Zhao, former CEO of Binance, by Donald Trump triggered an immediate reaction in crypto markets. BNB soared significantly in the hours following the announcement, breaking through several technical resistance levels that traders had been monitoring for days. This unexpected political decision marks a turning point for the Binance ecosystem and revives investor optimism toward altcoins.
Trading volumes for BNB exploded, demonstrating a massive renewed interest in Binance’s native token. Traders are observing a clear bullish momentum with gradual accumulation on short and medium timeframes. Price action suggests buyers are regaining control after several months of regulatory uncertainty.
On-chain data reveals increased activity on Binance Smart Chain since the presidential pardon announcement. BNB recorded a pump of more than 9%, pushing past the psychological resistance that had limited its upward potential since the beginning of the year. Whale wallets have shown renewed interest with significant transfers to long-term storage wallets.
Currently at $1,138, it’s now testing the middle band of the FBB on the 4-hour chart. However, its RSI isn’t in overbought territory, which could leave room for further upside in the coming days. The next resistance is around $1,210. For this to happen, the $1,150 level must be breached with substantial volume.
Conversely, the support at $1,080 must hold to avoid a drop toward the demand zone at $1,020.
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The crypto community sees BNB’s rise as a precursor signal for a widespread altseason. Historically, BNB rallies have often preceded bullish movements across the entire altcoin market. Correlations between BNB and other major tokens are strengthening, suggesting a rotation of capital from stablecoins into risk assets.
Trading platforms are recording a notable increase in long positions on altcoins, with market sentiment gradually shifting toward optimism. Momentum indicators confirm this trend with bullish divergences appearing on several trading pairs. The crypto market’s Fear and Greed Index shows a significant improvement since the announcement regarding CZ.
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Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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