Today, January 25, 2024, the overall cryptocurrency market appears to be struggling. Amidst this, Solana’s decentralized exchange native token, JUP, is defying the market trend with an impressive price increase. Over the past 24 hours, this massive price increase has captured significant attention from traders and investors.
The reason for the increase in the price of Jupiter
The likely reason for this massive bullish rally is that Jupiter has acquired a majority stake in Moonshot for an undisclosed sum. In a post on X (formerly Twitter), Jupiter founder, “Meow,” revealed the acquisition. Moonshot is a crypto-based company that enables users to buy and sell Meme Coins on iOS and Android.
This acquisition creates additional growth opportunities for the decentralized exchange.
$6.5 million from Job Streaming
However, amid this bullish rally, long-term holders and investors were found dumping their holdings, as reported by on-chain analytics firm Coinglass. Data from Spot Inflow/Outflow revealed that exchanges saw an inflow of $6.5 million worth of JOB in the past 24 hours.
This massive influx on the stock exchanges indicates potential selling by investors. In addition, this can increase selling pressure, which may lead to a short-term price correction and further price declines.
Current price momentum
JUP is currently trading at around $1.01 and has seen a price increase of over 17% over the past 24 hours. During the same period, trading volume increased by 95%, indicating increased participation of traders and investors compared to the previous day.
Jupiter (JUP) technical analysis and upcoming levels
According to expert technical analysis, the recent price increase has taken JOB to a strong resistance level at $1. Historically, this level has served as a selling point for a squeeze. Since December 2024, Goop has reached this level twice, and each time, it has seen a price decline.
However, this time, sentiment has turned, and with the latest acquisition, there is a strong possibility that JUP could break through this resistance level.
Based on the recent price action, if JUP breaks the resistance level and closes a daily candle above the $1.05 mark, there is a strong possibility that it could rise by 37% to reach the $1.40 level.
On the positive side, with the Relative Strength Index (RSI) at 55, JUP still has enough room to continue the rally and reach the expected target.
