Solana-based JUP hikes 30% as market falls: Do predictions say more gains?

  • JUP price followed the direction of SOL and reached $0.97 at the time of publication.
  • Social volume increased, indicating that traders could consider being bullish.

A surprising increase of 84.42% in 30 days ensured that Jupiter [JUP]the token developed in the solarium [SOL] blockchain, almost reaches the dollar. On March 14, JUP broke and rose to $0.97. This value meant that the cryptocurrency reached a new all-time high (ATH).

Interestingly, this occurred when most assets in the market retreated. However, Jupiter's bullish momentum had slowed as of press time. At the time of writing, AMBCrypto confirmed that the value had decreased to $0.93.

More profits reserved for the new planet

Our evaluation of the token also showed that JUP was in its price discovery stage. JUP was launched on January 31, 2024 as native tokens of Jupiter Exchange, a Solana-based aggregator. Since its launch, JUP struggled to break out while trading. below $0.60 for a while.

Therefore, the recent breakout suggests that buyers and sellers agree that the real value of the asset should be higher. Although the cryptocurrency's performance was impressive, being in price discovery meant that it could surpass the new ATH in a short period.

From a technical perspective, the 4-hour chart showed that volatility around the token was high. In this case, the price of JUP could exceed the dollar.

At the same time, the visualization indicated by Bollinger Bands (BB) revealed that selling pressure could force a significant correction.

Furthermore, accumulation/distribution (A/D) suggested that JUP might find it difficult to overcome the dollar in the near term.

JUP price prediction and analysis on 4-hour chart

Source: Coinalyze

Can the feeling change?

At the time of writing, the A/D had declined, suggesting that traders were booking profits. If this continues, JUP price could fall below $0.90. However, open interest (OI) around the cryptocurrency rose to $52.10 million.

OI is the sum of all open positions in a contract. Therefore, the rise suggested that traders were actively involved in trying to profit from JUP's price movement.

If the buying pressure continues, the cryptocurrency price could surpass the $1 mark. Another factor that could influence JUP's performance is SOL.

For a few days, the JUP had formed a strong correlation with the native Solana token. Therefore, a price increase for SOL is likely to cause an increase in the price of JUP.

Despite the cryptocurrency's rally, market participants remain pessimistic about the project. AMBCrypto came to this conclusion after analyzing Santiment chain data.

Data shows negative sentiment around JUP as social volume risesData shows negative sentiment around JUP as social volume rises

Source: Sentiment

How much they cost 1,10,100 JUP worth today?

At press time, weighted sentiment was negative, indicating that most of the commentary on Jupiter was gloomy. However, the social volume jumped. At the time of writing, the metric was one of the highest in the last two days.

This increase implies that JUP was attracting the attention of the broader market. If it maintains this recent performance, sentiment could turn completely bullish.

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