The price of the Banana Gun (BANANA) token continues its strong rebound, reaching $64.47, despite the decline in major cryptocurrencies like Bitcoin and Ether.
Banana Gun Token Rally
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. The Banana token's jump pushed its market cap to over $205 million, while the 24-hour volume jumped to $271 million.
Technicals Point to Further Upside
Meanwhile, technical indicators show that the Banana token may have more upside. It has already crossed the 50-day and 100-day moving averages, meaning bulls are in control. The Relative Strength Index and Money Flow Index have also crossed the neutral point at 50, suggesting it is not yet overbought. Murrey Math Lines indicate that it has room to run before reaching resistance levels.
Factors Behind Banana Gun's Growth
One possible reason for the surge is the integration of Banana's Solana bot into the Birdeye ecosystem. This integration allows users to easily track Banana transactions. Additionally, data from Dune Analytics shows that the Banana Gun Telegram bot has over 237,000 lifetime users and has handled transactions worth $5.8 billion. The developers have also reduced the number of Banana tokens in circulation by burning 2% of the total supply, aiming to increase the value of the tokens.
The Banana Gun token may continue to rise as buyers target the resistance level at $75. However, like other parabolic moves, there may be a retreat as investors start to take profits.
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