BNB dropped to $635 Saturday as investors weigh upcoming technical changes to the BNB Chain and rising global tensions, particularly in the Middle East.
The pullback comes just ahead of the Maxwell hard fork, scheduled for June 30, which is expected to deliver key upgrades to the network, including cutting block times from 1.5 seconds to 0.75 seconds. These changes aim to boost transaction throughput and improve overall user experience.
Despite price softness, network activity remains strong. According to DeFiLlama, daily transactions on the BNB Chain have more than doubled since mid-May, surging from 8 million to 17.6 million—a signal that user engagement is intensifying ahead of the upgrade.
Meanwhile, broader market sentiment remains fragile amid geopolitical uncertainty. Oil prices have spiked over 10% this past week as investors brace for the potential escalation of the Israel-Iran conflict, and the possibility of U.S. involvement.
Analysts at Oxford Economics warn that any disruption to Iranian crude exports or a shutdown of the Strait of Hormuz could send oil prices soaring to $130 a barrel, potentially pushing U.S. inflation to 6%. That scenario could derail expectations for Federal Reserve rate cuts and trigger deeper risk aversion across markets.
As a result, cryptocurrencies like BNB may continue to face pressure as traders reduce exposure to volatile assets in favor of safer bets.
Technical Outlook
- BNB is currently trading between $635 and $646, with volume supporting a solid base around $638.
- Resistance at $644.5–$645 has held through multiple attempts, signaling strong sell pressure in that range.
- A volume spike of 4,222.99 BNB during a sharp decline to $638 reinforced it as a key support level. However, weekend volume tapering raises questions about whether that support can hold.
