The BNB price remained in a tight range on Sunday as the Binance Smart Chain (BSC) network growth accelerated. Binance Coin was trading at $657, a few points below last week’s high of $697.
BSC Flips Solana and Ethereum by Far
The BNB price has wavered as the BSC network has flipped Solana and Ethereum by far. DeFi Llama shows that protocols in the network handled over $177 billion in the last 30 days, much higher than what the other two handled, combined.
Protocols on Ethereum handled $68 billion, while Solana processed $92 billion. BSC’s growth was mostly driven by PancakeSwap, the biggest DEX platform on the chain, which handled volume worth $164 billion during the month. Other top DEX networks in the network were Uniswap, THENA, SquadSwap, and DODO.
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The next key catalyst for the BNB price will be the upcoming Maxwell hard fork, scheduled to occur later this month. This upgrade aims to increase network speed by reducing block times to approximately 75 seconds and increasing the transaction per second (TPS). It also aims to reduce gas fees for users in the network.
Maxwell comes after the network launched the Lorentz upgrade, which boosted its speed from 3 seconds to 1.5 seconds. Its goal is to become the most viable competitor to Solana and Ethereum. Solana has gained popularity among meme coins, whereas Ethereum is recognized for its slower speeds and higher transaction costs.
BNB Price Technical Analysis
The daily chart shows that the Binance Coin price bottomed at $505 and formed a double-bottom pattern. A double bottom is one of the most popular bullish patterns in technical analysis. It has moved above its neckline at $645.
The BNB price has moved above the 50-day Exponential Moving Average (EMA), a sign that bulls are in control. It has remained above this moving average since May 8 of this year.
BNB coin has also formed a bullish flag pattern, another popular bullish sign. This pattern consists of a long vertical line and a consolidation, often resulting in a strong bullish breakout.
If this happens, the next point to watch will be at $793, the highest point in November, which is about 20% above the current level. A move below the support at $645 will invalidate the bullish outlook.
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