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The Banana Gun token price continued its strong rebound on Aug. 17 even as other cryptocurrencies like Bitcoin and Ether retreated.
The Banana Token Rally Accelerates
The Banana (BANANA) token rose for the second consecutive day, reaching a high of $64.47, its highest level since July 26 and 117% above its lowest level in August. Other top-performing tokens included Neiro and Synapse, which rose by over 105% and 40%, respectively.
Banana Gun’s jump pushed its market cap to over $205 million. This surge happened in a high-volume environment as the 24-hour volume jumped to over $271 million.
Additional data shows that Banana’s demand also jumped in the futures market as the open interest rose to a record high of $30.50 million. It had an open interest of $16.50 million on Friday and $11 million on Thursday.
Banana Gun futures open interest has increased significantly.
Factors Behind the Surge
A likely reason for the surge is that Birdeye, an on-chain data aggregator, announced that Banana’s Solana bot was now available on its ecosystem. This integration allows users to access Banana’s transactions easily, which came a few days after the Solana Reborn launch.
Additionally, some crypto traders pointed to Banana’s fundamentals for the rally. Data shows that the Telegram bot has had over 237,000 lifetime users, 4,745 daily active users, and has handled over $5.8 billion worth of transactions in its lifetime.
Moreover, the developers have continued to reduce the number of Banana tokens in circulation. Most recently, they burned 2% of the total supply, a move aimed at creating value for the tokens in circulation.
Technical Analysis
Technicals indicate that the Banana token may have more upside before retreating. It has already crossed the 50-day and 100-day Exponential Moving Averages, suggesting that bulls are currently in control.
At the same time, the Relative Strength Index and the Money Flow Index have crossed the neutral point at 50, indicating that it is not yet overbought. The Murrey Math Lines show that it has more room to run before reaching its ultimate resistance level.
Therefore, the Banana Gun token may continue rising as buyers target the resistance at $75. However, as with other parabolic moves, the token may retreat as investors start to take profits.
Banana Gun launched in early 2023 at around $10.
For more updates and news, stay tuned to Global Crypto News.
