Binance Coin (BNB) is on track to reclaim one of its most fundamental price levels

Many events have forced Binance Coin's rally in the past few days, including the potential listing of the asset on the Kraken exchange.

Binance Coin (BNB) is in the spotlight as it is on track to reclaim one of its most fundamental price levels. At press time, the fifth-largest digital currency was changing hands for $590.05, up 1.21% in the past 24 hours. The coin is on track to break out of its long-held consolidation with a short-term target of $600.

Many events have forced Binance Coin's rally in the past few days, including the potential listing of the asset on the Kraken exchange. BNB powers a highly robust ecosystem on Binance and the BNB Chain, making it a coin with organic utility.

Per the current market outlook, the key performance metrics tell one story: a potential rally is ahead. The coin's trading volume has jumped 4.49% in 24 hours to $1.44 billion. This metric is a sign that retail and institutional adoption are at their peak.

The BNB/USDT chart shows that the coin's Relative Strength Index (RSI) has jumped to 48, up from 30 earlier in the month. In addition, the MA Cross Indicator has a setup in which the short-term moving average is about to cross above the long-term, a classic case of a golden cross.

How high can BNB soar

Binance Coin is at an inflection point, and any possible breakout may breach the immediate resistance at $600. The fear of a bearish breakdown is already limited, as earlier reports teased that the BNB price has likely bottomed out, setting the stage for a rally ahead.

In the long term, Binance Coin will look to reclaim the $640 price mark in its growing bid to retest its all-time high of $793.35. With new initiatives like decentralized voting, which has seen the listing of assets like ONDO and VIRTUAL, expectations for Binance Coin are high in the short term.