Key Takeaways
- BANANA31, a meme coin on the BNB Chain, skyrocketed from $0.0061 to a new all-time high.
- The volume jumped from $25 million to $176.93 million, signaling an influx of buying pressure.
- The BBP and AO show bullish momentum, indicating that BANANA31 could rally to $0.024.
BANANA31, the BNB Chain-based memecoin known as Banana for Scale, has skyrocketed by 240% over the past 30 days. At press time, its price has hit $0.021, representing a new all-time high.
The explosive rally marks a notable milestone for the token, which debuted in 2024 and gained early traction through viral posts on Reddit and Imgur. A month ago, BANANA31 was trading at $0.0061, making its current price dramatically leap from its former levels.
With bullish momentum on its side, the big question is: what’s next for BANANA31?
Banana For Scale Hits Record High
CCN’s analysis reveals that a spike in trading volume fueled the surge in BANANA31’s price to a new all-time high.
Over the weekend, trading volume around the memecoin hovered below $25 million. However, at the time of writing, that figure has soared to $176.93 million — a more than sevenfold increase.
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This rise in volume reflects a significant influx of market participation. With the token’s price climbing alongside it, buying pressure has decisively outweighed selling activity, pushing BANANA31 to its record high.
Should the volume continue to surge, it could strengthen BANANA31’s uptrend. If that is the case, the token might evade a short-term correction.
Instead, BANANAS31’s price might climb toward higher highs, potentially rallying to $0.030.
Following this move, on-chain data shows that the broader sentiment around BANANAS31 has turned bullish. If sustained, this sentiment could increase demand for the cryptocurrency.
Like the signs from the volume, rising demand from the bullish sentiment market-wide could push the BANANAS31 price higher.
BANANA31 Price Prediction: Bulls in Charge
From a technical point of view, the daily chart shows that BANANAS31’s price has the potential to rise to the highest point of the latest candlestick. As of this writing, the Bull Bear Power (BBP) has flashed the highest green histogram bar all year long.
This BBP reading indicates that buyers are in control, and BANANA31’s price might continue to rise. In addition, the Awesome Oscillator (AO) reading also spiked and has maintained positive territory for the past few days.
If this trend continues, the meme coin’s market value could rise to $0.024. If successful, BANANAS31 might climb toward $0.030 in the short term.
However, if profit-taking rises, a correction might occur. It could also happen if the cryptocurrency becomes overbought.
In that scenario, the token’s value could slide below the $0.018 support. Sliding below this level could give way to further downside.
If that turns out to be the case, BANANAS31 might decline to $0.012.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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