Binance Coin (BNB) shows strong indicators for a significant rise. The recent decrease in Binance Smart Chain (BSC) fees has boosted investor confidence and increased network usage.
According to CoinMarketCap data, BNB is trading at $634, up 3% over 24 hours. With a bullish pattern forming and positive momentum in the cryptocurrency market, the price of BNB may soon exceed $700, possibly reaching its all-time highs (ATH).
CZ's proposal reduces BSC fees by 90%
A few days ago, Changpeng (CZ) Zhao, the founder of Binance, proposed a sharp reduction in gas fees on the BNB chain. This proposal was approved, reducing the fees from 1 Gwei to just 0.1 Gwei. This reduction has increased the attractiveness of the network. More users are now turning to BSC, and this increased activity contributes to raising the price of BNB.
This 90% reduction is a significant achievement, especially compared to Ethereum (ETH), where fees still hover around 4 Gwei. On the other hand, the Ethereum blockchain has undergone a significant update that may make its network faster, cheaper, and more efficient.
Developers recently proposed raising the gas limit by 66%, from 36 million to 60 million units.
The use of the BSC network reached its highest level in a year
The BNB network has achieved a significant milestone after the reduction in gas fees. Network activity is now at its highest level since a year ago. According to DeFiLlama, the total value locked (TVL) exceeded $8 billion, the highest level since January 2024.
At the same time, the trading volume on the decentralized exchange (DEX) for BNB reached $2.12 billion in a single day, the highest level in six weeks. All these developments indicate a growing confidence in the BNB ecosystem.
Bullish patterns for Binance Coin suggest more gains
Technical indicators also support BNB's price movement. A double bottom pattern has formed on the daily chart. If BNB can break through the resistance line at $644, known as the neck line, it will confirm the bullish pattern.
It is noteworthy that the price target for this breakout is $732. If BNB reaches this level, it may rise further, targeting $1000. Recently, analysts at Standard Chartered predicted that the price of BNB could rise from around $600 to $2775 by the end of 2028.
Another sign supporting these bullish expectations is that BNB has emerged from the symmetrical triangle, a pattern typically seen before strong bullish movements.
Key indicators also support bullish expectations. The MACD indicator and the Awesome Oscillator (AO) indicate that bears are losing control, and momentum is shifting in favor of bulls.
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