BNB Recovery in Full Swing at $590? Binance Dominance and Technicals Point to Rally

Binance has sustained its dominance as the top centralized exchange (CEX) in the first quarter of 2025, holding 36.5% of the global CEX market share, according to TokenInsight’s latest exchange report.

This continued leadership has further strengthened investor confidence in Binance Coin (BNB).

Binance Coin (BNB) Rebounds Following December Correction

Following the market correction that began in December 2024, driven by waning interest in meme coins and AI tokens, assets with strong fundamentals like $BNB gained momentum, surging to a peak of $793.

While there has since been a wave of profit-taking, causing $BNB to retrace around 25% from its December high, the token still boasts an 8.3% year-to-date gain.

BNB serves as the native token of Binance’s decentralized blockchain, which facilitates transactions, pays fees, and enables governance participation.

It also plays a crucial role on the Binance exchange, offering benefits such as trading fee discounts, token airdrops, and VIP membership perks.

The Binance’s coin has been receiving increased attention recently. On April 17, U.S.-based exchange Kraken announced plans to list $BNB.

📅 Save it: April 22 @1400 UTC!$BNB @BNBChain is being listed on Kraken

ℹ️ Deposits and withdrawals are enabled, markets are currently in post-only mode

Deposit here ⤵️https://t.co/Z1IdWAby3W

*Geographic restrictions apply pic.twitter.com/JHkdx03fbB

— Kraken Exchange (@krakenfx) April 17, 2025

This development is a major win for the token, especially as many exchanges and asset managers have historically been cautious about listing $BNB due to concerns over centralization and regulatory scrutiny.

However, the regulatory climate in the U.S. has shifted notably, with Donald Trump returning to office and the Securities and Exchange Commission (SEC) scaling back or halting several enforcement actions against crypto-related entities.

In light of the changing landscape, investment firm VanEck filed for the first-ever spot BNB exchange-traded fund (ETF) in the U.S. on March 31, submitting the application in Delaware.

BNB Chain Grows in DeFi and Stablecoin Activity

Beyond the centralized Binance platform, BNB is also gaining traction within the decentralized ecosystem.

According to DeFiLlama, BNB Chain now ranks third in terms of daily active addresses, 984,723 wallets conducting transactions, trades, and more, surpassing Ethereum and trailing only TRON and Solana.

Additionally, the BNB Chain is among the top three in decentralized exchange (DEX) volumes, processing over $1.2 billion in on-chain volume within the last 24 hours.

The chain has also seen notable growth in stablecoin issuance, contributing to a total value locked (TVL) of over $5 billion.

On April 17, more than 113 million USD1 tokens, marketed as a pro-America stablecoin, were issued, with nearly 90% of that supply residing on the BNB Chain.

Trump’s World Liberty (@worldlibertyfi) has deployed a stablecoin, $USD1, on @BNBChain.

And #Wintermute's public wallet appears to have run some test transfers with #USD1. https://t.co/lgH9DWJ8uJ pic.twitter.com/H1ZJAiktYm

— Lookonchain (@lookonchain) March 24, 2025

BNB Chain’s zero-gas-fee initiative for stablecoin transfers has significantly boosted the appeal of these assets for daily users and DeFi protocols alike.

These developments have helped BNB climb to become the fifth-largest cryptocurrency by market capitalization, now valued at over $83.1 billion.

CZ Responds to Critics Amid Memecoin Rally

BNB’s strong price momentum has also positively impacted BNB Chain-native tokens, including memecoins.

Recently, Binance Co-Founder Changpeng Zhao (CZ) took to X to respond to critics who previously dismissed BNB as a memecoin, arguing that the token lacked utility and institutional backing.

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

— CZ 🔶 BNB (@cz_binance) April 17, 2025

Those criticisms have now been disproven by the ongoing ETF filings and the surge in BNB-based memecoins like CZ’s Dog ($BROCCOLI), Mubarak ($MUBARAK), and Tutorial ($TUT), which have each posted gains of over 3,000% YTD.

BNB/USDT Technical Analysis Signals Bullish Potential

Technical analysis of the BNB/USDT 1-hour chart shows a completed ABCD harmonic pattern around the $590 level. 

The price has since pulled back slightly to $588.61, indicating a potential short-term consolidation or correction.

From a structural standpoint, the move from point A to B highlights a sharp bullish impulse, previously triggered by a bullish engulfing pattern near the $577.50 demand zone.

The current retracement from point B suggests a test of prior resistance, now potentially acting as support, between $585 and $586. 

If this level holds, BNB could initiate another rally toward the $595–$600 supply zone.

$BNB is trying to break through its short-term downtrend.

Nearly 1.57 million BNN tokens were burnt recently while BNB Chain fundamentals are growing.

If BNB manages to break above $596, expect a major rally towards $680-$700 by May. pic.twitter.com/3Zm26ps710

— AMCrypto (@AMCryptoAlex) April 17, 2025

Supporting this outlook is the Relative Strength Index (RSI), which currently stands at 51.29, just above the neutral 50 level, indicating slight bullish bias. 

Notably, RSI has been forming higher lows since April 14, signaling potential for renewed upward movement if buyers return near the $585 region.