Key Insights
- Like Ethereum, however, the BNB is now home to a layer-2 scaling solution after integrating with the Boba Network.
- Binance Smart Chain is home to almost 500 Defi protocols, which hold a combined Total Value Locked (TVL) of about $6 billion.
- Oversold RSI conditions point to a possible reversal in the price of an asset, leading to doubts about BNB’s ability to rise further and break the $350 resistance.
Despite being the second largest Defi blockchain in the world, the Binance Smart Chain (BNB) had no layer-2 (L2) solutions before November this year.
Like Ethereum, however, the Binance Smart Chain is now home to a layer-2 scaling solution after integrating with the Boba Network.
Boba Network Integrates With BNB Chain
The new development was unveiled by Boba via a tweet from its Twitter handle, detailing the cooperation between the Boba network and the Binance Smart-Chain.
🤩 Let's welcome BobaBNB! 🤩
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We're excited to announce the launch of scaling solution for @BNBCHAIN! 🚀
BobaBNB caters to the massive user base and dev community enabling smarter contracts and lightning fast transactions 🏎️
🧵 1/X pic.twitter.com/8IwGCbooJr
— Boba Network 🧋 (@bobanetwork) November 1, 2022
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This new integration will enable the L2 and L1 networks to integrate with various protocols in the Decentralized finance (Defi) space, such as SushiSwap, which is scheduled to debut on the BOBA BNB L2.
So far, Boba is the first Layer 2 scaling solution on the Binance Smart chain. The integration between the two will allow for the protocols on the chain to experience cheaper transactions, along with faster network speeds.
At the time of writing, the Binance Smart Chain is home to almost 500 Defi protocols, which hold a combined Total Value Locked (TVL) of about $6 billion.
This new integration intends to make the BNB chain a strong rival to Ethereum, the largest Defi chain, with a total value locked (TVL) of more than $31 billion.
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BNB’s Price Outlook: Can the Crypto Hit $350?
Throughout the year’s first half, the outlook on BNB remained rangebound. However, after a breakdown of the $350 zone in September and the price rejection that followed, BNB has entered bearish waters and has failed to break above this level.
This price point has remained unbreached for six months now. However, with the recent 21.08% rise, BNB continues to inch closer to it.
Considering this level has remained unbroken for about five months now if BNB manages to break above this zone, the cryptocurrency may see investors begin to buy, pushing the price upwards to the next resistance, around $455.
However, if the bulls cannot push the price of BNB upwards for a breakout from this $350 resistance, the cryptocurrency may decline further downwards to the $299 zone.
Following last week’s bullishness, BNB rose along with the rest of the crypto market and now shows oversold conditions on its daily RSI. Oversold RSI conditions point to a possible reversal in the price of an asset, leading to doubts about BNB’s ability to rise further and break the $350 resistance.
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