Banana Gun goes parabolic as futures open interest hits all-time high

Banana Gun, the popular crypto trading bot, has surged to its highest level in nearly two months, fueled by increased trading volume within its ecosystem. The Banana Gun (BANANA) token has risen for two consecutive days, hitting an intraday high of $55, marking a 68% increase from its September lows.

This rally is taking place in a high-volume environment, primarily on Binance, where the 24-hour trading volume for Banana Gun increased by 87%, reaching $56 million. Notably, the open interest in Banana Gun’s futures market has also surged to a record high of $30 million, a significant rise from a low of $13 million earlier in September.

The strong performance is likely driven by robust trading activity, with developers reporting over $137 million in volume last week and an impressive $23 million on Sunday alone. This spike suggests a booming ecosystem around the Banana Gun platform, attracting both traders and investors looking to capitalize on the momentum.

Banana Gun has emerged as one of the leading Telegram bots in the crypto industry, boasting over $6.7 billion in trading volume, as reported on its website. The majority of this activity occurs within its Ethereum ecosystem, followed by Solana, Blast, and Base.

According to data from Dune, Banana Gun has attracted over 294,000 lifetime users who have executed an impressive 11 million trades. Additionally, DappRadar reports a 22% increase in the number of unique active wallets over the past 30 days, alongside a significant 72% rise in trading volume, which reached $584 million.

This strong growth and engagement highlight Banana Gun’s popularity and effectiveness within the crypto trading space, making it a key player among Telegram trading bots.

Banana Gun price is soaring

The 4-hour chart indicates that the Banana Gun token has been experiencing a robust bull run in recent days. The token successfully flipped a key resistance level at $52.15 on Friday, marking its peak on October 8.

Currently, it remains above both the 50-period and 25-period moving averages, signaling strong upward momentum. Additionally, technical indicators like the Money Flow Index and the MACD are trending upward, further supporting the bullish outlook.

As a result, it appears likely that the token will continue its ascent, with bullish targets set on reaching the all-time high of $63.45, which is approximately 12% above its current price.