BNB targets $803 after Pasteur hard fork lifts network speed

BNB rose 2.6 percent to $713 on August 27 as the Pasteur hard fork boosted BNB Chain throughput by 88 percent, pushing derivatives open interest to a three-month high.

BNB rose 2.59 percent to $713 on August 27 after the Pasteur hard fork lifted BNB Chain's processing speed 88 percent to 2,324 transactions per second. The rally comes two days after the network upgrade went live on August 25, and BNB derivatives activity has climbed to its highest level in nearly three months.

CoinGlass data shows BNB open interest reached $1.14 billion, the highest since June 2. Funding rates remain positive, indicating a bullish bias among derivatives traders, while Binance and OKX recorded long-to-short account ratios of 2.40 and 2.27, respectively, showing that long positions currently outnumber shorts on both exchanges.

The Pasteur hard fork introduced three improvements to the BNB Chain network. BEP-682 addresses cross-chain vulnerabilities by preventing a validator's vote from being duplicated to falsely create a supermajority. BEP-695 removes governance rights from outdated keys, reducing the risk of malicious reuse. BEP-675 increases the number of transactions processed within each block. Following the upgrade, BNB has risen from roughly $688 on August 25, supported by stronger sentiment around the network improvements and Bitcoin's advance toward $80,000.

A bull pennant has formed on the daily chart, with BNB testing the pattern's upper resistance. A confirmed breakout could put the August 22 high of $726 in focus, and sustained strength above that level may open the way toward the 161.8 percent Fibonacci target near $803. The RSI stands at 59, while rising on-balance volume suggests strengthening buying pressure. However, a broader crypto market reversal could invalidate the bullish setup and push BNB toward support at the 61.8 percent Fibonacci level of $678.

Open Interest Reaches $1.14 Billion, Highest Since June

BNB's recovery from approximately $600 on August 18 has coincided with rising derivatives activity. The $1.14 billion open interest reading marks the highest level in nearly three months, and positive funding rates suggest long buyers are paying short sellers to maintain positions. The long-to-short ratios on Binance and OKX confirm that leveraged accounts remain skewed toward the upside, with more than two long accounts for every short account on both platforms.

The upgrade's success could strengthen BNB Chain's competitive position against other layer-1 networks such as Ethereum and Solana, potentially attracting more cross-chain projects and increasing demand for BNB as the network's native gas token. Traders will watch whether BNB can sustain momentum above $726 to confirm the bull pennant breakout toward $803. If the broader crypto market turns bearish, the 61.8 percent Fibonacci support at $678 would be the first line of defense.

This article is for informational purposes only and does not constitute investment advice.