Banana Gun (BANANA), a cryptocurrency tied to a Telegram crypto trading bot, has seen its price climb to an intraday high of $20.33 today, a notable jump from a low of $16.09.
Notably, this surge comes after a decline from the $37.00 hit on February 16, 2025, and has sparked curiosity about what’s driving the sudden upward momentum.
To highlight, Banana Gun operates across multiple blockchains like Ethereum, Base, Solana, and Blast, boasting over $5.3 billion in lifetime trading volume and a user base exceeding 215,000.
With its growing ecosystem and recent milestones, the project has caught the eye of traders and investors.
Recent developments fueling the surge
A major factor in BANANA’s price increase appears to be its recent performance on the Base chain, where trading volume soared to $44.8 million over the weekend.
There’s not much to cheer on in this market, but let’s focus on the good things that happen! Pity doesn’t help anyone.
Banana Gun had a great weekend volume-wise due to a hyped launch on Base. Is Base picking up in general?
Banana Gun totaled a volume of $44.8M on saturday,…
225
Reply
Copy link
This spike, possibly triggered by a hyped launch, reflects heightened activity and interest in the platform, drawing in traders and boosting liquidity.
Such a surge in volume often signals growing adoption, which can pave the way for price appreciation as more participants enter the market.
Additionally, on February 24, 2025, Banana Gun expanded its reach by adding support for new decentralized exchanges (DEXs) within the Sonic ecosystem, including WAGMI and SwapX v2 + v3.
SONIC DEX UPDATE
WAGMI and SwapX v2 + v3 now added to our list of supported @SonicLabs DEX!
Trade tokens on these platforms now with Banana Gun. 🍌🔫
@wagmicom @SwapXfi
285
Reply
Copy link
This move likely attracted a broader pool of users, enhancing the platform’s utility and appeal and setting the stage for the price rally observed today.
Banana Gun (BANANA) price technical outlook
Notably, today’s price breakout comes after BANANA entered the overbought region on the 4-hour and daily charts.
However, after hitting a high of $20.33, BANANA’s price pulled back to $16.17 at press time, though the Relative Strength Index (RSI) remains below the level of 50 on the daily chart.
Looking at the Moving Averages, Banana Gun (BANANA) is trading below the 29-day Moving Average despite closing above the 9-day Moving Average on the daily chart.
For a bullish trend to be confirmed, the token must move above the 29-day MA.
Also, the 9-day MA is still below the 26-day MA, which still signals a bearish market, meaning traders should approach the token cautiously, especially seeing that the token has dropped by 21% over the past month and by 58% over the past year.
If the bullish momentum maintains, the token could test the resistance level at $26.73, which would mean a 67.63% surge from the current price.
Conversely, if bears outdo bulls, then Banana Gun (BANANA) could slide back to its previous lows around $16.
The post Banana Gun (BANANA) price soars to $20.33: what’s driving the rally? appeared first on Invezz
