BNB Breaks Below Key Support, With Traders Watching Maxwell Upgrade and Middle East Tensions

BNB fell to $635 on Saturday as markets remain choppy ahead of the highly anticipated Maxwell hard fork and rising geopolitical tensions in the Middle East.

Despite the price dip, activity on the BNB Chain has been robust. Daily transactions have jumped from 8 million to 17.6 million since mid-May, according to data from DeFiLlama, signaling sustained network engagement.

Scheduled for June 30, the Maxwell upgrade aims to cut block times in half—from 1.5 seconds to 0.75 seconds—and introduce a range of improvements designed to enhance transaction speed and user experience.

Meanwhile, global markets remain on edge. Crude oil prices have climbed more than 10% in the past week amid concerns that the United States could be drawn into the Israel-Iran conflict.

Analysts at Oxford Economics warn that any disruption to Iranian oil exports or closure of the Strait of Hormuz could drive oil prices to as high as $130 per barrel. Such a surge could push U.S. inflation to 6%, potentially jeopardizing hopes for Federal Reserve interest rate cuts this year.

Against this backdrop, investors have become more cautious, with riskier assets like BNB under pressure as traders shift to risk-off positions.

Technical Analysis Update

BNB is currently fluctuating in a tight range between $635 and $646, with volume patterns indicating solid support around $638.
Resistance remains firm near $644.50–$645, where sellers continue to cap upward moves, according to CoinDesk Research’s technical analysis model.
Earlier, a surge of 4,222.99 BNB in trading volume coincided with a rapid drop to $638, underlining that level as significant support—although it has since been tested as weekend trading activity slows.