Binance Coin (BNB) shows strong indicators of a significant rise. The recent drop in Binance Smart Chain (BSC) fees has boosted investor confidence and increased network usage.
According to CoinMarketCap data, the price of BNB is trading at $634, up 3% in the last 24 hours. With a bullish pattern forming and positive momentum in the cryptocurrency market, the price of BNB may soon exceed $700 and possibly reach its all-time high (ATH).
CZ's proposal reduces BSC fees by 90%.
A few days ago, Changpeng (CZ) Zhao, the founder of Binance, proposed a drastic reduction in gas fees on the BNB chain. This proposal was approved, with fees reduced from 1 gigabyte to just 0.1 gigabyte. This reduction has increased the network's attractiveness. More users are now moving 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 are still around 4 gigabytes. On the other hand, the Ethereum blockchain has undergone a major update that could make its network faster, cheaper, and more efficient.
Developers recently proposed raising the gas limit by 66%, from 36 million to 60 million units.
BSC network usage has reached its highest level in a year.
The BNB network has achieved an important milestone after reducing gas fees. Network activity has now reached its highest level in a year. According to DeFiLlama, the total value locked (TVL) has surpassed $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 one day, the highest level in six weeks. All these developments indicate growing confidence in the BNB ecosystem.
The bullish patterns of Binance Coin indicate more gains.
Technical indicators also support the price movement of BNB. A double bottom pattern has formed on the daily chart. If BNB can break through the resistance line at $644, known as the neckline, it will confirm the pattern's bullish trend.
It is worth noting that the target price for this breakout is $732. If BNB reaches this level, it could rise further, targeting $1,000. Recently, analysts at Standard Chartered predicted that the price of BNB could rise from around $600 to $2,775 by the end of 2028.
Another sign supporting these bullish expectations is that BNB has broken out of the symmetrical triangle, a pattern typically seen before strong bullish moves.
Leading indicators also support bullish expectations. The MACD indicator and Awesome Oscillator (AO) indicate that the bears are losing control and that momentum is shifting in favor of the bulls.
