Plugin name is a comment in WordPress. Since you can't write
php code in the comments, is there a way to localize the plugin name and make it translatable?
Just add the full string of the plugin name into the plugin's text domain. WordPress looks this up automatically. Same with Description, PluginURI, Author and AuthorURI.
See the internal function _get_plugin_data_markup_translate.
The string extractor in Glotpress (and my own plugin Loco Translate) adds these header strings automatically to new POT files.