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

Banana Gun, the popular crypto trading bot, surged to its highest point in almost two months as the volume in its ecosystem rose.

Futures open interest surges

Banana Gun (BANANA) token rose for two consecutive days, reaching an intraday high of $55, up 68% from its lowest level in September.

This rally occurred in a high-volume environment, with most of the action happening on Binance, the largest exchange in the industry. Its 24-hour volume increased by 87% to $56 million.

More data shows that Banana Gun’s open interest in the futures market continued rising, reaching a record high of $30 million. That was a big increase since its futures open interest bottomed at $13 million in September.

You might also like: Scroll’s SCR futures sink ahead of much-anticipated airdrop

The rally is likely due to the platform seeing strong volume. In an X post on Monday, the developers noted that the network had over $137 million in volume last week. It recorded an impressive $23 million in volume on Sunday, indicating that its ecosystem is booming.

Banana Gun had a great week, reaching a total volume of $137M, driven largely by Ethereum ($106M).

Sunday is historically a low volume day (as is the entire weekend), but yesterday an impressive $23M volume was traded through Banana Gun.

Today has started strong with $7M too.… pic.twitter.com/qAQ6XgYUjM

— Banana Gun 🍌🔫 (@BananaGunBot) October 7, 2024

Banana Gun has become one of the biggest Telegram bot in the crypto industry, handling over $6.7 billion in volume, according to its website. Most of this trading happens on its Ethereum (ETH) ecosystem, followed by Solana (SOL), Blast, and Base.

Data by Dune shows that Banana Gun has had over 294,000 lifetime users who have executed 11 million trades. Another data by DappRadar shows that the number of unique active wallets rose by 22% in the last 30 days, while volume jumped by 72% to $584 million.

Banana Gun price is soaring

Banana Gun chart by TradingView

The 4-hour chart shows that the Banana Gun token has been in a strong bull run over the past few days. It flipped the important resistance point at $52.15 on Friday, marking its highest point on Oct. 8.

The token has also remained above the 50-period and 25-period moving averages. Additionally, oscillators like the Money Flow Index and the MACD have pointed upwards.

Therefore, the token will likely continue rising as bulls target the all-time high of $63.45, which is about 12% above the current level.

You might also like: Banana Gun token ignores the crypto sell-off, spikes 110%

Source