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Binance (BNB) Price Eyes $700 as Maxwell Hard Fork Sparks On-Chain Boom
The recent surge in activity on the Binance Smart Chain (BSC) has sparked increased interest in BNB, a development that may lead to substantial price growth. The data suggests that the cryptocurrency’s value could soon reach $700.
Transactions and active addresses on the BSC have seen an impressive increase ahead of the upcoming Maxwell hard fork scheduled for June 30. This uptick in activity is a strong indication of growing adoption within the ecosystem. Daily transactions have more than doubled to 17.6 million, while active addresses rose to 3.5 million on June 20.
Although BNB has been stuck in a sideways trend for three weeks in June, technical indicators hint at a potential break out pattern. The descending triangle formation indicates a strong bullish momentum could be building up, potentially leading the price of BNB towards $700.
In line with this notion is Carl Moon’s view that the current bearish conditions may ultimately lead to a short-term rally that would propel the value of BNB to $700.
Source: coinpedia.org
