Banana Gun, a popular crypto trading bot, has surged to its highest point in nearly two months, driven by increased volume in its ecosystem.

Futures Open Interest Surges

The Banana Gun token has experienced a notable rise, climbing for two consecutive days to reach an intraday high of $55. This marks a 68% increase from its lowest level in September. This rally occurred in a high-volume environment, primarily on Binance, the industry’s largest exchange. The 24-hour volume surged by 87% to $56 million.

Additional data reveals that Banana Gun’s open interest in the futures market has continued to rise, hitting a record high of $30 million. This is a significant increase from its futures open interest low of $13 million in September.

Recent Volume and Activity

The recent rally is likely attributed to the platform’s strong volume. According to a post by the developers, the network saw over $137 million in volume last week, with an impressive $23 million recorded on Sunday. This indicates a booming ecosystem.

Banana Gun had a great week, reaching a total volume of $137M, driven largely by Ethereum ($106M). Sunday is historically a low volume day, but an impressive $23M volume was traded through Banana Gun.

Banana Gun has established itself as one of the biggest Telegram bots in the crypto industry, managing over $6.7 billion in volume. Most of this trading occurs within its Ethereum ecosystem, followed by Solana, Blast, and Base.

Data shows that Banana Gun has had over 294,000 lifetime users who have executed 11 million trades. Additionally, the number of unique active wallets has risen by 22% in the last 30 days, with volume jumping by 72% to $584 million.

Price Surge and Technical Indicators

The Banana Gun token has been on a strong bull run over the past few days, surpassing the important resistance point at $52.15 on Friday, marking its highest point on October 8. The token has remained above the 50-period and 25-period moving averages. Additionally, oscillators like the Money Flow Index and the MACD have been trending upwards.

Given these indicators, the token is likely to continue rising as bulls target the all-time high of $63.45, which is about 12% above the current level.

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