Binance (BNB) Price Eyes $700 as Maxwell Hard Fork Sparks On-Chain Boom

The post Binance (BNB) Price Eyes $700 as Maxwell Hard Fork Sparks On-Chain Boom appeared first on Coinpedia Fintech News The BNB price chart may have been relatively quiet since mid-May, but the data from the Binance Smart Chain (BSC) tells a different story. Over this period, daily transactions have surged from 8.1 million to an impressive 17.6 million. Meanwhile, active addresses reached a remarkable milestone on June 20, climbing to 3.5 million from just 1.5 million in mid-May. These spike indicates a growing interest and adoption, as evidenced on these charts. The sudden growth is factored, as BNB gears up for the upcoming Maxwell hard fork on June 30, which is building strong excitement for the network. It aims to enhance network performance by reducing block times from 1.5 seconds to just 0.75 seconds. In addition, the BSC ecosystem boasts 5,756 decentralized applications with a staggering volume of $52.43 billion. This puts BSC as a leader, especially when compared to the Optimism (OP) mainnet, which has only 367 DApps and a volume of $285.36 million. These developments are strengthening the case for BNB’s utility in the crypto market. However, the pressing question remains: will these positive changes translate into a short-term price increase for BNB? On-chain Suggest BNB Price Pump Likely? The recent update announcement from Binace’s BNB has sparked a noticeable increase in its developer activity, which is reflected on Santiment throughout June. The metric shows that it has risen to 0.923, up from 0.57 in early June. It hints at a steady resurgence in developer contributions that hints for a start of a healthier growth cycle for the ecosystem. In addition to this, funding rates have also turned positive this week, shifting from “-0.04%” to “+0.03%”, suggesting that traders are becoming more optimistic about BNB crypto’s future. Moreover, weighted sentiment is showing signs of positive views of the BNB price slowly gaining traction following the announcement about the Maxwell upgrade. Overall, as these developments create a more favorable environment for BNB price action, a potential price pump could be on the horizon in short-term. Is $700 Coming Soon In BNB Price? Last year, the BNB price experienced parabolic growth, climbing from $202 to $794. However, it faced a setback, dropping to $510 in Q1 of 2025. Later, in Q2, bullish momentum helped push the price back up to $698 by the last week of May. Despite this growth, BNB has been stuck in a sideways trend for the past three weeks in June. Technical indicators like the MACD and Awesome Oscillator are showing negative histograms, while the RSI remains below the median line and the Chaikin Money Flow (CMF) is below zero. These signals suggest that the price is severely range-bound. Interestingly, in the pessimistic price conditions f BNB over the last three weeks, it has formed a descending triangle pattern. A breakout now could lead to significant gains, especially with the upcoming Maxwell hard fork on June 30, which could act as a catalyst for movement. In addition, the Analyst Carl Moon views also aligns with this sentiment. He is suggesting that the current pattern could propel the BNB price toward $700 in the short term.

Source: coinpedia