BNB consolidates around $670 as Maxwell Hardfork goes live on testnet

BNB remains within a weekly range of $641 to $689, showing signs of consolidation as the BNB Chain continues to push forward with network upgrades.

Binance Coin (BNB) is trading at $671 at press time, down 0.1% in the past 24 hours but up 11% over the past 30 days. The trading volume over the past 24 hours sits at $603 million, a 17.6% decline from the day before, suggesting a cooldown in market activity following weeks of steady gains. 

BNB derivatives saw a 24-hour volume decrease of 7.97% and a slight open interest increase of 0.45% to $806.89 million, as per Coinglass data. This indicates a slight increase in traders’ outstanding contracts and a decrease in speculative trading activity. 

The sideways price action coincides with the launch of the Maxwell Hardfork on BNB Chain’s testnet. This upgrade, which went live on May 26, represents a major step forward for the network. By reducing block production time from 1.5 seconds to just 0.75 seconds, the hard fork lowers transaction latency and enables faster finality, with an average of 1.875 seconds.

This could improve the user experience for decentralized finance protocols, games, and other dApps by making transactions feel near-instant. It also prepares the network to handle more traffic without raising fees, which still average around $0.04.

With mainnet deployment expected by June 30, the upgrade gives traders and developers a reason to pay close attention to BNB’s medium-term potential.

On the technical front, indicators are leaning cautiously bullish. At 61, the relative strength index indicates that the asset is neither overbought nor oversold. The moving average convergence divergence has turned positive and momentum is increasing, suggesting that BNB may be in for another rally.

All moving averages, ranging from the 10-day to the 200-day, are displaying buy signals. Most oscillators, including the Stochastic RSI, remain in neutral territory, showing no clear signs of either exhaustion or breakout energy.

In short, although BNB is gaining momentum, it might need a catalyst such as positive testnet feedback or the strength of the larger cryptocurrency market, to break clear of the $690 resistance level. If that level is breached, BNB could push toward $700 and beyond. On the downside, support is likely around $650, where buying interest has recently stepped in.