BNB Price Soars to $713 After Pasteur Hard Fork Boosts Network Speed

The Binance Coin (BNB) price surged 2.59% to $713 on August 27, following the completion of the Pasteur hard fork on the BNB Chain two days earlier.

The hard fork introduced three improvements to the network: BEP-682, BEP-695, and BED-675. These upgrades increased the speed of the network by 88%, from 1,237 transactions per second (TPS) to 2,324 TPS.

According to data from CoinGlass, the open interest on BNB has reached a near 3-month high of $1.14 billion, with a weighted funding rate indicating a bullish bias in the derivatives market.

The price of BNB has formed a bull pennant on the one-day chart, with resistance at the upper trendline at $726. If BNB closes above this level, it could push towards the 161.8% Fib of $803.