Binance Coin (BNB) surges 1.57% to over $650, breaking a bull flag.

With the crypto market bullish on Wednesday, Binance Coin has crossed $650. The recovery marks a bull flag breakout, hinting at a potential rally to $750

Binance Coin (BNB) price rose 1.57% on Wednesday, continuing to break out of the bull flag pattern as it trades above $650.

Binance Coin Price Analysis

On the daily chart, the Binance Coin price broke out of the falling channel pattern that had been in place since December 2024. The recent price surge of nearly 15% in early May led to a breakout from the falling channel pattern, with a new peak reached at around $680.

However, due to bullish exhaustion, BNB recently retested the $637 support level, which was highlighted by the late March peak. With the intraday surge, BNB Coin has marked a bullish breakout from the short-term pullback, suggesting an extended recovery.

Based on the bull flag formed by the recent breakout rally, BNB Coin shows a 16% breakout potential to reach the $750 milestone. In support of this bullish outlook, the 50-day EMA has recently crossed above the 200-day EMA, marking a golden crossover.

Additionally, it has crossed the 100-day EMA, signaling a second positive crossover within just a week. As the bullish influence grows further, the daily RSI line rebounds before touching the halfway point, indicating a resurgence in bullish momentum.

Therefore, the technical patterns and indicators suggest a potential rally to the $750 level. However, a short-term hurdle may be encountered at the psychological level of $700.

On the contrary, a potential pullback could retest the $637 support level if the broader market becomes volatile.

Maxwell Hardfork Ignites Bullish Buzz

The surge in optimism driving the bullish trend in BNB is fueled by the announcement of the upcoming Maxwell hard fork. In a recent tweet by Binance Chain, it was highlighted that the Maxwell hard fork will bring three major upgrades to Binance Smart Chain.

The BEP-524 upgrade will reduce the current block time to under 1 second, precisely to 0.75 seconds. Furthermore, BEP-563 aims to enhance the validator network messaging, while BEP-564 will drive smarter fetching logic.

Together, these changes deliver faster confirmations & stronger consensus at scale:… https://t.co/o72aGIrV8k

— BNB Chain (@BNBCHAIN) May 20, 2025

Notably, the BNB futures market is also witnessing a surge in optimism, highlighted by a 2.56% increase in BNB Open Interest, reaching nearly $800 million. The surge in Open Interest occurs despite $423k in short liquidations over the past 12 hours, reflecting the growing bullish narrative in Binance Coin Futures.

Additionally, the OI-weighted funding rate of 0.0033% reflects strong bullish intent compared to previous levels. Thus, the BNB derivatives data indicate an overall bullish anticipation for an extended rally.