Binance Coin (BNB) is battling to stay above the psychological $600 level as it faces price volatility in the cryptocurrency market. In the last 24 hours, BNB has climbed from $597.93 to a promising high of $609.14, as the market anticipates it breaching $610.
Can BNB Post a Breakout?
However, according to CoinMarketCap data, BNB is still experiencing fluctuations and trades at $601.02, representing a 0.73% decline. The trading volume has also dropped by 7.08% to $1.45 billion.
BNB price analysis signaled that it could soar to $620 if it succeeds in breaching the $609 resistance. The coin had successfully defended the $596 support level and looked set to try for new heights. However, the market pullback could have led to a correction.
Meanwhile, technical indicators signal that BNB is consolidating within a symmetrical triangle pattern after experiencing rejection at $610. BNB’s next move might depend on whether it experiences a breakout or breakdown.
As it stands, the looming Lorentz upgrade, expected to occur on April 29, might become the catalyst for BNB’s further climb.
How Lorentz Will Improve BNB Chain
The Lorentz upgrade is one of three scheduled for 2025. The enhancements aim to make Binance Smart Chain (BSC) one of the fastest in crypto.
When completed, Lorentz will reduce the block time by half, from three to 1.5 seconds. This will reduce latency and speed up transaction confirmation in the ecosystem. The increased speed will also improve the response time of decentralized applications (dApps) on the network.
According to the schedule, BSC developers will proceed with the other upgrade after Lorentz, the Maxwell upgrade, which has been slated to launch in June 2025. The Maxwell upgrade hopes to reduce block times to 0.75 seconds further, boosting the network’s transaction speed.
BSC Aims to Challenge Solana and Ethereum Dominance
BSC developers aim to make the network a practical alternative to others like Solana and Ethereum.
Solana, known for its high throughput and low transaction fees, has become the home of memecoins. On the other hand, Ethereum lags in speed and has high transaction costs.
Users look forward to the Lorentz upgrade and the effect it could have on BNB’s price.
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