Banana Gun (BANANA), a cryptocurrency linked to a Telegram trading bot, saw a sharp increase of nearly 50%, reaching $20.33. This surge is due to heightened investor interest and activity. However, increasing selling pressure may affect the token's further development.
Investors Benefiting
BANANA token is making waves in the market due to growing excitement and trading activity. In the past two weeks, approximately 300,000 BANANA tokens, worth nearly $5 million, have been sent to exchanges, comprising about 9% of the token's total market value of $55 million. This indicates that many investors are cashing in on profits. If this selling trend continues, it could slow down the token's price momentum.
BANANA's Expansion
Adding to the hype, on February 24, 2025, Banana Gun expanded its reach by integrating new decentralized exchanges (DEXs) within the Sonic ecosystem. The new DEXs, including WAGMI and SwapX v2 + v3, have significantly boosted the platform's adoption and liquidity. Overall market activity for Banana has also increased, with active deposits reaching their highest level since November 2024.
BANANA Price Outlook
Despite today's price surge, BANANA entered the overbought territory on both the 4-hour and daily charts. After reaching $20.33, the price quickly fell to $15.17. If the current selling trend continues, BANANA's price could further decrease to $10.29 before potentially recovering. Conversely, if the token surpasses $17.57, it might regain an upward trend.
Banana Gun (BANANA) faces a dynamic market: despite the recent surge, investors continue cashing in on profits, which may influence its further progress. Whether the token will move up or down will depend on future market activity and investor decisions.
