BNB Approaches Critical $600 Threshold Amid Market Optimism Following Kraken Listing Announcement

Binance Coin (BNB) is exhibiting strong bullish momentum as it tests the psychologically significant $600 resistance level. This price action comes shortly after Kraken, a major cryptocurrency exchange, announced support for BNB trading pairs. Changpeng Zhao (CZ), founder of Binance, publicly acknowledged the listing, further fueling market enthusiasm. Analysts are closely monitoring the $600 price point, which could serve as a springboard for new all-time highs (ATH) if decisively broken. The listing on a regulated platform like Kraken, which operates under the Financial Services Authority (FSA) in some jurisdictions, adds credibility to BNB’s market position. Traders are watching for a confirmed breakout above $600 with increasing volume, which could trigger a fresh wave of institutional and retail interest in the asset.

BNB price climbs toward $600 as Kraken listing sparks fresh demand

Binance Coin (BNB) price posted considerable gains on Thursday, fuelled by investor optimism tied to its upcoming listing on the U.S.-based crypto exchange Kraken. 

Posting on the official X account, the BNB Chain team announced that BNB deposits are now available on Kraken exchange, with trading set to begin on April 22 at 14:00 UTC. The launch is set to feature four new trading pairs –BNB/EUR, BNB/USD, BNB/USDC, and  BNB/USDT. 

By deepening BNB’s market reach within the US, the Kraken listing emphasizes its role beyond a discount-farming token confined to a single exchange.  

BNB price action, April 17 | Source: TradingView

As liquidity deepens and cross-platform exposure increases, investor confidence in BNB’s long-term fundamentals continues to grow—reflected in Thursday’s bullish price action. 

TradingView data shows how BNB price climbed 3% within the last 24 hours, sitting above the $590 level at the time of publication. Beyond that, trading volume trends show consecutive green bars, suggesting the BNB rally coincided with strong volume support. 

This bullish market dynamic could spark a major breakout, if bulls hold out for a decisive BNB price close above the $600 mark. 

CZ hints at BNB’s global reach in reaction to Kraken listing

Former Binance CEO Changpeng Zhao (CZ) weighed in on the listing Thursday, likening BNB’s international presence to that of memecoins.

 “BNB is a memecoin” CZ posted on X, on Thursday, in response to BNB Chain’s official post on the announcement of the Kraken listing slated for April 22.

BNB is a meme coin.🤷‍♂️ https://t.co/JY68Ct30Yu

CZ, who stepped down as CEO in 2024 as part of Binance’s settlement with the U.S. SEC, recently completed a short-term sentence tied to that plea deal.

Since his release, CZ has remained active within the Binance ecosystem, frequently addressing market narratives and clarifying developments related to BNB.

His latest remarks highlight BNB’s transition beyond an exchange-bound token, as its availability across major exchanges continues to grow.

BNB TVL surges by $600M as Trump sparks DeFi inflows 

The surge in BNB’s price comes as BNB Chain sees rising traction in Total Value Locked (TVL), fueled by growing demand for yield-bearing DeFi protocols. Since Trump repealed a law compelling DeFi protocols to comply with stringent KYC requirements, BNB TVL has increased by $600 million moving from $4.9 billion on April 9 to hit $5.5 billion at press time on Thursday. 

BNB Total Value Locked, April 17, 2025

Beyond that, Trump slammed Fed Chief Jerome Powell on Thursday, calling for a rate cut, in alignment with recent US CPI inflation data, US Jobless claims showing lower-than-expected figures.

Trump pointed to the European Central Bank (ECB)’s seventh rate cut signalling that the US Fed lowered interest rates. This further encourages investors to rotate capital into alternative assets with real yield potential.

Kraken’s listing of BNB is expected to further support this trend by increasing accessibility for U.S.-based investors. As BNB Chain gains adoption and DeFi participation deepens, BNB price action stands to benefit from its central role in fueling on-chain transactions and staking incentives.

BNB Price Forecast: $590 close could clear path for $650 target 

BNB has closed above the critical $590.92 Chande Kroll Stop level, flipping a key resistance into potential support. 

This bullish close near $591.27, if sustained, confirms a short-term breakout and opens the path toward a $650 target. Volume surged to 317,060 BNB on the breakout candle, nearly double the recent average, reinforcing strength behind the move. 

BNB Price Forecast

Meanwhile, the BBP (Bear Bull Power) has flipped to 2.62, its first positive reading since March’s peak, indicating a shift in market momentum.

If BNB price closes above the $590 level, bulls may target the next major resistance at $650. On the flipside, the lower Chande Kroll band at $540.90 remains key support and invalidation for the bullish thesis.