BNB Surges 3% to $590 on Kraken Listing, Bullish Sentiment Soars

Binance Coin (BNB) has shown strong signs of a breakout after surpassing the $590 resistance mark on Thursday. This price rally coincides with the token's upcoming major listing on the Kraken exchange, which is set to further extend its global reach. With BNB deposits already live and trading scheduled to begin on April 22, investor sentiment has turned bullish. Former Binance CEO Changpeng Zhao (CZ) added to the excitement by highlighting BNB’s memecoin-like reach across various crypto platforms. As macroeconomic factors align and DeFi adoption rises, BNB’s price is poised for an exciting phase.

BNB's price surged by 3% in 24 hours, climbing above $590 following Kraken’s announcement that it will support BNB deposits. Trading is set to launch on April 22 at 14:00 UTC, with four trading pairs going live: BNB/EUR, BNB/USD, BNB/USDC, and BNB/USDT. This move enhances accessibility for users in the U.S. and Europe, signaling a pivotal shift for BNB as it extends its footprint far beyond Binance. The increased accessibility supports BNB’s evolution from a utility token into a more dynamic, cross-platform asset, adding to the bullish sentiment with volume indicators and bullish technicals signaling strong market support.

Changpeng Zhao’s playful post calling BNB a “memecoin” went viral on Thursday. CZ’s comment, though tongue-in-cheek, underscores BNB’s increasing relevance across major exchanges. Despite stepping down in 2024, CZ remains influential in shaping narratives around BNB’s future. Alongside the Kraken listing, BNB Chain is also witnessing renewed DeFi momentum. Since April 9, Total Value Locked (TVL) on BNB Chain has surged by $600 million, rising from $4.9B to $5.5B. The spike came after the repeal of DeFi-related KYC laws, unleashing new liquidity across protocols offering real yield.

Macroeconomic tension continues to drive investor interest in alternative assets like BNB. The call for rate cuts after softer U.S. inflation data and jobless claims, along with the European Central Bank’s 7th consecutive rate cut, has created a backdrop that is driving investor interest in alternative assets like BNB. Technically, Binance Coin price closed above $591.27, flipping the Chande Kroll Stop resistance into support. Volume surged to 317,060 BNB, nearly twice the average, confirming momentum. The Bear Bull Power (BBP) also turned positive at 2.62, the first bullish signal since March’s peak.

BNB’s next major resistance lies at $650, and with current price action supported by macro catalysts and technical confirmation, that target looks increasingly achievable. If bulls hold above $590, BNB may enter a sustained rally. However, $540.90 remains key support, and a break below could invalidate the bullish setup. The Kraken listing marks a pivotal moment for Binance Coin, transforming it from a Binance-exclusive token into a globally recognized asset. With growing DeFi traction, rising TVL, and positive macro sentiment, Binance Coin is now more than just an exchange utility. As it eyes the $600 breakout and beyond, BNB is riding a wave of renewed investor interest, technical strength, and market visibility. Whether or not bulls can take it to $650 in the coming weeks, the stage is set for BNB to play a bigger role in the evolving crypto market.