Will 2024 be a big year for BNB Chain?
- BNB’s price touched its highest in 2023 in April and its lowest in October.
- BNB was up by over 3%, and market indicators looked bullish.
The year 2023 has been quite eventful for BNB Chain [BNB] as it launched quite a few notable projects. While the blockchain witnessed several developments in 2023, BNB Chain has now put forward its roadmap for 2024, highlighting the projects in the pipeline.
A look at BNB Chain in 2023
BNB Chain recently posted a blog highlighting its achievements in 2023. The most notable was the launch of its opBNB. For starters, opBNB is an open-source codebase based on the Optimism Stack.
In fact, AMBCrypto recently reported that opBNB’s daily transactions reached an all-time high as it managed to even surpass the number of its parent blockchain.
Apart from opBNB, another major launch was the BNB Greenfield, which is a web3-based decentralized storage blockchain.
While mentioning BNB’s performance in 2023, it’s also important to take a look at its price action.
AMBCrypto’s examination of Santiment data revealed that BNB’s price reached its highest in 2023 on the 16th of April, when its value touched nearly $350.
On the contrary, the coin’s price plummeted to its lowest of $206 on the 14th of October.
BNB Chain has posted a blog revealing its 2024 roadmap, which had several new updates planned. Firstly, a decision was made to migrate Beacon Chain’s functionalities to BSC.
There will be four stages to migrate Beacon Chain’s functionalities to BSC.
The BNB Beacon Chain, designed for staking and governance, once vital to BSC, is evolving 🔮 👀
With changes in the blockchain landscape, redundancy and complexities prompt the discontinuation of the Beacon Chain.
Read ahead to learn more 🧵 [1/5]https://t.co/8MfyU5vuRk
— BNB Chain (@BNBCHAIN) December 19, 2023
These four steps will be available at different times throughout the first half of the next year.
The first sunset fork on BNB Beacon Chain and Feynman hardfork on BNB Smart Chain will take place in February, 2024. This will be followed by a second sunset fork on BNB Beacon Chain in May, and so on.
While BNB Chain planned the upcoming hardforks, BNB’s price action turned bullish.
According to CoinMarketCap, BNB was up by more than 3.7% in the last seven days. At the time of writing, it was trading at $259.96 with a market capitalization of over $39 billion.
To better understand how 2023 might end for BNB, AMBCrypto took a look at the coin’s daily chart. BNB’s Bollinger Bands revealed that the coin’s price was in a highly volatile zone. Its MACD also displayed a bullish crossover.
Read BNB’s Price Prediction 2023-24
Both BNB Chain’s Relative Strength Index (RSI) and Chaikin Money Flow (CMF) moved northwards, suggesting that investors might see BNB’s price moving up during the concluding days of this year.
Nonetheless, if the RSI enters the overbought zone, it might exert selling pressure on the coin, which can cause trouble.