Banana Gun (BANANA) Token Price Rebounds By 117% In Two Days, Here's Why

Banana Gun token price continued its strong rebound on Aug. 17 even as other cryptocurrencies like Bitcoin and Ether retreated.

The Banana (BANANA) token price continued its strong rebound on Monday, reaching a high of $64.47, its highest level since July 26 and 117% above its lowest level in August.

The other top-performing tokens were Neiro (NEIRO) and Synapse (SYN), which rose by over 105% and 40%, respectively.

Banana Gun’s jump pushed its market cap to over $205 million. It came in a high-volume environment as the 24-hour volume jumped to over $271 million.

Meanwhile, other major cryptocurrencies like Bitcoin and Ether retreated on Monday. BTC dropped by 1.6% to $23,113 while ETH dropped by 0.7% to $1,933.

A likely reason for the surge is that Birdeye, an on-chain data aggregator, announced that Banana’s Solana (SOL) bot was available on its ecosystem. The integration means that users can access Banana’s transactions easily and it came a few days after the Solana Reborn launch.

Banana Gun is a Telegram bot that helps users automate their Solana (SOL) trades. The bot was launched in March 2023 and quickly became one of the most popular bots on the Solana network.

Banana Gun allows users to set up automated trades for any token on the Solana network. The bot uses a simple interface that makes it easy for even beginners to use.

Once a user sets up their trades, Banana Gun will automatically execute them based on the user’s parameters. The bot will also notify the user when a trade is executed and will provide them with a link to the transaction on Solana Explorer.

Banana Gun is a powerful tool that can help users save time and effort on their Solana trades. The bot is also free to use, making it a great option for traders of all levels of experience.

Some crypto traders also pointed to Banana’s fundamentals for the rally. Data by Dune Analytics shows that the Telegram bot has had 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 that is aimed at creating value for the tokens in circulation.

On the technicals side, the Banana token may have more upside before retreating. It has already crossed the 50-day and 100-day Exponential Moving Averages, meaning that bulls are in control for now.

At the same time, the Relative Strength Index and the Money Flow Index have crossed the neutral point at 50, meaning that it is not yet overbought. The Murrey Math Lines show that it has more room to run before getting to its ultimate resistance level.

Therefore, the Banana Gun token may continue rising as buyers target the resistance at $75. As with other similar parabolic moves, the token will then retreat as investors start to take profits.

Banana Gun launched in early 2023 at around $10.

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