As a researcher with over a decade of experience in the crypto market, I must say that the Banana Gun token’s rally is nothing short of fascinating. Having witnessed numerous bull and bear markets, I can confidently say that this is one of the most intriguing developments I’ve seen in recent years.
On August 17, the price of Banana Gun tokens showed a robust recovery, bucking the trend as other cryptocurrencies such as Bitcoin and Ether experienced a decline.
The banana token rally accelerates
For the second day in a row, the price of Banana (BANANA) token climbed, hitting an all-time high of $64.47 since July 26. This represents a surge of 117% above its lowest point in August. Meanwhile, Neiro (NEIRO) and Synapse (SYN) were the other leading performers, increasing by more than 105% and 40%, respectively.
The leap in jumps by Banana Gun significantly boosted its total value in the market, surpassing $205 million. This surge occurred within a bustling trading scene, with the 24-hour trading volume escalating beyond $271 million.
The demand for Bananas increased significantly in the future trading market, with the open interest reaching a new peak of $30.5 million. On Friday, it stood at $16.5 million, while just a day earlier, on Thursday, it was at $11 million, as reported by CoinGlass.
It’s plausible that the increase is due to the announcement by Birdeye, an on-chain data collector, about the availability of Banana’s Solana bot within its system. This integration makes it simpler for users to view Banana’s transactions. The announcement was made shortly after the launch of Solana Reborn.
Delighted to share that we’ve teamed up with Birdeye_so, a seasoned Solana data provider and charting tool!
— Banana Gun 🍌🔫 (@BananaGunBot) August 14, 2024
Furthermore, certain crypto investors attribute Banana’s surge to its strong fundamentals. As per Dune Analytics, the Telegram bot boasts a total of 237,000 lifelong users, with 4,745 active daily users, and has processed transactions valued at over $5.8 billion since inception.
Furthermore, the creators have been gradually decreasing the amount of Banana tokens available. More specifically, they’ve just destroyed 2% of the entire supply, an action designed to enhance the worth of the existing tokens.
Technicals point to more Banana Gun upside
Currently, the trend of the Banana token appears to indicate further potential growth before a possible correction. It has surpassed both its 50-day and 100-day Exponential Moving Averages, suggesting that at present, the bullish sentiment is dominant.
As an analyst, I observe a noteworthy development: both the Relative Strength Index (RSI) and Money Flow Index (MFI) have breached the 50-mark, indicating neither asset is overbought at this moment. Meanwhile, the Murrey Math Lines suggest that there’s potential for further growth before encountering its peak resistance level.
Consequently, it’s likely that the price of Banana Gun token might keep climbing since buyers aim for a resistance level at $75. Similar to other steep upward trends, there could be a pullback once investors begin cashing out their gains.
Banana Gun launched in early 2023 at around $10.
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2024-08-17 18:18