- BNB Price Surge and Gas Fee Proposal: Binance Coin (BNB) jumped over 10% to $642.92 on May 9 after Binance founder CZ proposed a 90% gas fee reduction on Binance Smart Chain (BSC) through BEP-336, aiming to boost competitiveness against Ethereum and Solana.
- Technical Indicators – Overbought but Bullish: BNB’s RSI hit 78.42, signaling overbought conditions, while trading volume spiked to 34,190 BNB. The 50-period EMA sits at $607.82, supporting the bullish trend with $700 as the next key resistance level.
- What’s Next for BNB?: If the BEP-336 proposal passes, BNB transaction fees could drop to 0.0005 BNB, potentially attracting more DeFi and dApp activity. A breakout above $700 could fuel further upside momentum.
Binance Coin (BNB) just popped off, jumping to $642.92 on May 9, a more than 10% surge in 24 hours. The breakout comes after Binance founder Changpeng Zhao (CZ) floated a proposal to slash gas fees on Binance Smart Chain (BSC) by a whopping 90% — a move that could shake up the network and attract more users.
CZ Pushes for 90% Gas Fee Cut via BEP-336
CZ’s big idea? It’s called Binance Evolution Proposal 336 (BEP-336), and it’s all about making BSC more competitive against chains like Ethereum and Solana. Right now, BSC charges a fixed base fee plus a priority fee. Under CZ’s plan, the base fee gets replaced by a blob-carrying transaction format — a concept Ethereum introduced with Proto-Danksharding in 2024.
This new format would let BSC handle more data at a lower cost, theoretically cutting transaction fees by 90%. If the proposal passes, average gas fees on BSC could drop from 0.005 BNB to just 0.0005 BNB. The community vote is still pending, but if it goes through, expect a shake-up in the DeFi and dApp landscape on BSC.
BNB Momentum Builds — But Is It Overbought?
The surge in BNB’s price also showed up in the technicals. The 4-hour chart lit up with a sharp breakout, with trading volume hitting 34,190 BNB. The 50-period Exponential Moving Average (EMA) now sits at $607.82, reinforcing the bullish trend.
Meanwhile, the Relative Strength Index (RSI) spiked to 78.42 — way into overbought territory. When RSI crosses 70, it usually means a pullback is on the cards, but with BNB’s momentum holding strong, the push to $700 is still in play. That level hasn’t been tested since early 2022.
What’s Next for BNB?
All eyes are now on the community vote for BEP-336. If validators approve the fee reduction, BNB could gain serious traction in the DeFi space by undercutting competitors on transaction costs. Plus, with RSI still in overbought territory and volume pumping, the $700 target isn’t out of reach.
For now, keep an eye on $642 as immediate support and $700 as the next key resistance. A confirmed breakout above $700 could open the door to a broader rally, especially if the gas fee cut becomes reality. Stay tuned.
