Answer: Yes, and yes, depending upon the whim of your banana plant. They will typically produce new shoots at the base of the plant, but it's also possible for the existing stalk to produce a few shoots. At this point I'd just water on a regular basis and take my cues from the plant. If all the shoots are produced at the crown of the plant, simply cut back the old stalk stump to make room for new growth. You should see signs of life within the next 2-3 weeks.
Best wishes with your banana plant!
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