The Banana Gun token price continued its strong recovery on August 17 even as other cryptocurrencies like Bitcoin and Ether retreated.
Banana symbol accelerated its rise
Banana (BANANA) rose for the second day in a row, reaching a high of $64.47, its highest level since July 26 and 117% above its August low. Other top performers were Neiro (NEIRO) and Synapse (SYN), which rose more than 105% and 40%.
Banana Gun’s surge in value has seen it surpass $205 million. This has happened in a high volume environment where 24-hour trading volume has jumped to over $271 million.
Additional data shows that demand for bananas has also surged in the futures market, with open interest rising to an all-time high of $30.50 million. It had open interest of $16.50 million on Friday and $11 million on Thursday, according to Queenglass.
The surge is likely due to Birdeye, an on-chain data aggregator, announcing that the Banana Solana (SOL) bot is available on its ecosystem. The integration means that users can easily access Banana transactions, and it comes just days after the launch of Solana Reborn.
In addition, some cryptocurrencies The traders pointed out To the basics of bananas for height. Data from Sand dune analysis Data shows that the Telegram bot has over 237,000 lifetime users, 4,745 daily active users, and has handled over $5.8 billion worth of transactions in its lifetime.
Additionally, 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 data points to further upside for Banana Gun
Meanwhile, technical data shows that Banana Token may have more upside before pulling back. It has already crossed the 50-day and 100-day EMAs, which means that bulls are in control at the moment.
Meanwhile, the RSI and MFI have crossed the neutral point at 50, meaning it is not overbought yet. Murray Mathematical Lines show that it has more room to move before reaching the final resistance level.
Therefore, the Banana Gun token may continue to rise as buyers target the resistance at $75. As with other similar parabolic moves, the token will then pull back as investors start taking profits.
The Banana Gun is scheduled to launch in early 2023 for around $10.