Banana Gun (BANANA), a cryptocurrency linked to a Telegram trading bot, has seen a massive surge of nearly 50%, reaching a high of $20.33. This sudden rise is due to the hyped launch and increasing investor activity. However, despite the strong momentum, selling pressure is also growing, which could impact the token’s further rise.
Investors Cashing In on Profits
BANANA token has been making waves in the market, driven by growing excitement and increased trading activity. In the past two weeks, around 300,000 BANANA tokens, worth nearly $5 million, have been sent to exchanges.
Meanwhile, this makes up about 9% of the token’s total market value of $55 million, showing that many investors are taking profits. The recent hype around BANANA also pushed up trading volume, which is often linked to rising adoption.
Unlike previous selling periods when investors were cutting losses, this time, it appears to be driven by traders booking gains. If this selling trend continues, it could slow down the token’s upward momentum.
BANANA Growing Expansion
Adding to the excitement, 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 boosted the platform’s adoption and liquidity.
The overall market activity for Bananas has also increased significantly, with active deposits reaching their highest level since November 2024. This suggests more investors are offloading their holdings, which could influence short-term price movements.
BANANA’s Price Outlook
Despite today’s price surge, BANANA entered the overbought territory on both the 4-hour and daily charts. After hitting $20.33, the price quickly dropped to $15.17. The Relative Strength Index (RSI) on the daily chart still sits below the critical 50 level, signaling weak momentum.
If the current selling trend continues, BANANA’s price could fall further, possibly hitting $10.29 before seeing any recovery. On the flip side, if the token breaks past $17.57, it could regain strength and climb toward $23.24, shifting market sentiment to bullish.
