Binance Coin Faces key Resistance as Lorentz Upgrade Looms
Binance Coin (BNB) is hovering near the $600 mark, just below this month’s peak of $630. The coin is 15% above it’s lowest point this month. The upcoming Lorentz upgrade, set for April 29, is the main driver of BNB’s price action.
The Lorentz upgrade aims too make the Binance Smart Chain (BSC) one of the fastest in the crypto world. It will cut block time from 3 seconds to 1.5 seconds, reducing latency and speeding up transaction confirmations. This will also boost the performance of decentralized apps on the network.
following Lorentz, the BSC team plans the Maxwell upgrade in June. This will further reduce block times to 0.75 seconds, aiming to rival Solana’s (SOL) 0.4-second block times. Ethereum (ETH), with 12-second block times, is comparatively slower.
The Lorentz upgrade follows the Pascal hard fork, which improved Ethereum integration, introduced gasless transactions, and enhanced security. BSC developers hope these upgrades will make it a top alternative to Solana and Ethereum.
Technically, BNB has formed a triple-bottom pattern between $507 and $520. It’s now consolidating at the upper side of a descending triangle pattern. A break above $620 could see it reach $720. Conversely,a drop could retest the lower side at $507.
