Jupiter (JUP), one of the most active decentralized exchanges in the Solana ecosystem, has risen amid the memecoin frenzy.
While activity in the crypto market continues, investor interest has shifted to decentralized exchanges. Traders are potentially using decentralized exchanges to find memecoins. The activity in question became a lifeline for Jupiter, one of the most popular decentralized exchanges on the Solana network.
Jupiter, which has an average transaction volume of $400 million, reached total closed assets (TVL) of more than $2 billion.
AMBCrypto said JUP price has bullish potential. In the developed analysis, the price levels that should be broken for an uptrend are examined.
Jupiter (JUP) analysis
Jupiter (JUP), located in the Solana ecosystem, has rallied nearly 10% in recent days with increased trading frequency and investor interest.
According to AMBCrypto analysis, JUP, which managed to break the descending triangle formation and exceeded $2 billion TVL, gained bullish momentum. Another factor shaping the above expectations was social dominance. As Jupiter’s popularity grows, liquidation data has pointed to investor interest.
Although the price of JUP touched $1.3233 on the second day, it failed to hold. The popular altcoin fell to $1.20 during the day. The Bollinger Bands (BB) on the JUP chart indicated that price volatility is increasing.
JUP may retest the $1.27 resistance amid strong buying activity. If the discussed resistance level is exceeded and sustained above it, the price is expected to move to the $1.78 resistance.
The analysis includes the following;
“While the Relative Strength Index (RSI) has reached 70, reflecting intense buying pressure, it also warns that the asset poses extreme risk in the short term.”
Predicting that JUP will reach $1.78 resistance, AMBCrypto said short-term pullbacks would be considered normal.
On the other hand, JUP price may pull back to $1 if it fails to clear the $1.27 resistance.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.
