BNB Chain developers have urged multi-sig wallet users to migrate their funds to Safe Global as the current service nears sunset. At the same time, chart analyst Crypto Patel says Binance Coin is testing support near $700, with a familiar breakout structure hinting at a possible move higher if that level holds.
BNB Chain multi-sig wallet users told to migrate to Safe Global
BNB Chain developers warned that the current BNB Chain multi-sig wallet will sunset soon and urged all users to migrate their funds to Safe Global to keep assets secure. Migration is already open, and users can start the process through Safe’s official migration page or by following the step-by-step thread shared by the team.
BNB Chain Multi Sig Migration Screen. Source: BNB Chain Developers on X
Developers explained that users must first connect a signer that is part of the Safe account, then import the Safe account from the old fork by giving it a name and pasting the address. After adding a name for the connected signer, users should review the overview screen, verify that the data is correct and then click “Add” to proceed.
As users move through the interface, they will see several signals that their current setup runs on an unsupported contract. The app shows a warning that the “Base contract is not supported,” a message in the upper right corner stating “This Safe Account was created with an unsupported base contract,” and the same “Base contract is not supported” notice in the settings menu.
In the migration interface, users can collapse the “migration2Singleton” section to see a detailed view of the upgrade path. When they click “Migrate,” a transaction creation form appears, allowing them to review the migration transaction before submitting it on-chain.
Analyst flags BNB breakout structure with support at $700
Meanwhile, Crypto Patel said Binance Coin’s monthly chart may be repeating a past breakout structure that preceded a sharp rally. In a post on X, the analyst pointed to a recent “break of structure” on BNB/USDT and compared it with an earlier move that he said led to a gain of about 242 percent.
BNB Parabolic Setup Chart. Source: CryptoPatel on X
According to his chart, BNB has established support near $700 after the latest breakout. From this zone, the previous pattern saw price accelerate into a parabolic leg higher. Patel argued that the current setup shows “the same structure,” with the new support band acting as a launchpad if buyers maintain control.
The analysis outlines a potential upside target above $2,300 based on the size of the earlier rally projected from the new support area. The monthly view highlights prior consolidation phases that turned into support before each major advance. However, the scenario depends on BNB holding the $700 region and sustaining momentum on higher timeframes.