- BNB is targeting a breakout above $700 as Binance Chain fees drop by 90% following CZ’s proposal.
- Bullish chart patterns and rising network activity are fueling strong upward momentum.
Binance Coin (BNB) is making headlines once again, setting its sights on a major breakout past the $700 mark. This bullish momentum comes on the heels of a significant development on the Binance Smart Chain (BSC): a 90% reduction in gas fees following a proposal from Binance founder Changpeng Zhao (CZ).
Currently trading around $634, BNB has gained over 3% in the past 24 hours, riding a wave of optimism sweeping across the crypto market. Bitcoin’s recent surge past $100,000 has injected renewed confidence into altcoins, and BNB appears to be leading the charge.
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Two powerful technical patterns are supporting this upward trend. The first is a double-bottom formation on the daily chart, typically a strong bullish reversal signal. If BNB can break through the $644 neckline resistance, it could trigger a rally toward the pattern’s projected target of $732. The second pattern, a symmetrical triangle breakout, further confirms a potential continuation of the upward trend.
The driving force behind this momentum isn’t just technical. The Binance Chain’s recent fee reduction—from 1 gwei to 0.1 gwei—has dramatically improved the network’s attractiveness. This change, 40 times cheaper than Ethereum’s average gas fees, has led to a spike in network activity. Total Value Locked (TVL) on the Binance Chain has now surpassed $8 billion, a level not seen since early 2024, according to DeFiLlama.
Additionally, decentralized exchange (DEX) volume on the BSC has jumped to a six-week high of $2.12 billion, signaling growing user engagement and liquidity.
With both technical indicators and network fundamentals aligning, BNB is poised for a potential breakout. If momentum continues, the coin could not only test the $700 level but also chart a path toward new all-time highs.
With a significant fee cut and bullish chart patterns in play, BNB may soon break through $700—and potentially much higher.
