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The Coin Rise 2025-05-09 17:32:26

Binance Coin Eyes $700 Breakout as BSC Fees Plunge 90%

Binance Coin Eyes $700 Breakout as BSC Fees Plunge 90%

Binance Coin (BNB) is showing strong signs of a major rally. The recent drop in fees on the Binance Smart Chain (BSC) has boosted investor confidence and increased network usage. According to CoinMarketCap data, BNB is trading at $634, up 3% in 24 hours. With a bullish pattern forming and positive momentum across the crypto market, BNB could soon break past $700 and possibly hit new all-time highs (ATH). CZ’s Proposal Cuts BSC Fees by 90% A few days ago, Binance founder Changpeng (CZ) Zhao proposed a sharp drop in gas fees on the BNB Chain. That proposal has now passed, cutting fees from 1 gwei to just 0.1 gwei. The lowered fees have made the network more attractive. More users are now turning to the BSC, and this increased activity is helping push BNB’s price higher. This 90% reduction is a big deal, especially compared to Ethereum (ETH), where fees remain around 4 gwei. On the other hand, the Ethereum blockchain recorded a major upgrade that could make its network faster, cheaper, and more efficient. Developers have recently proposed raising the gas limit by 66%, from 36 million to 60 million units. BSC Network Usage Hits One-Year High The BNB Chain has reached a key milestone following the reduction in gas fees. Activity on the network is now at its highest level in a year. According to DeFiLlama, the Total Value Locked (TVL) has climbed above $8 billion, the highest level since January 2024. At the same time, decentralized exchange (DEX) volumes on the BSC reached a whopping $2.12 billion in one day, a six-week high. All these developments point to growing trust in the BNB ecosystem. Binance Coin Bullish Patterns Hint at More Gains Technical indicators also support BNB’s price action. A double-bottom pattern has formed on the daily chart. If BNB can break the $644 resistance line called the neckline, the pattern will confirm a bullish trend. Notably, the target price for this breakout is $732. If BNB hits that level, it could go even higher, aiming for $1,000. Most recently, analysts at Standard Chartered forecasted that BNB could rise from its current price of around $600 to $2,775 by the end of 2028. Another sign supporting these bullish predictions is that BNB has broken out of a symmetrical triangle, a pattern often seen before strong upward moves. Key indicators also support the bullish outlook. The MACD and Awesome Oscillator (AO) histograms suggest that bears are losing control, and momentum is shifting in favor of the bulls. This aligns with the broader upward trend in the crypto market, where Bitcoin (BTC) has now hit over $100,000. As the flagship cryptocurrency leads, altcoins like BNB are attracting strong gains. The post Binance Coin Eyes $700 Breakout as BSC Fees Plunge 90% appeared first on TheCoinrise.com .

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