BNB Chain Records 123 Million Transactions in Past Week
BNB Chain recorded 123 million transactions in the past week, its highest activity in over a year, with a trading volume of $178.2 billion in May. This increase coincides with anticipation for the upcoming Maxwell hard fork, which aims to enhance transaction finality and efficiency.
- The Maxwell hard fork will incorporate AI components and scaling improvements.
- BNB has shown resilience amid a broader market downturn, with a drawdown of less than 36% after a previous rally of 300%.
- BNB is currently trading at approximately $669.6, up 12% over the past month.
- The price is testing the lower boundary of an ascending parallel channel, maintaining support at $640.
- Analysis indicates potential for bullish momentum if prices close above $690.
BNB price chart with RSI and Bollinger Bands | Source: TradingView
RSI is at 56, indicating potential for movement in either direction. The MACD shows bearish trends; however, diminishing momentum may lead to a crossover, potentially pushing BNB towards its all-time high of $794.
BNB price chart with MACD | Source: TradingView