Jupiter (JUP) has had a remarkable month, with its price surging over 150% over the past 30 days. JUP's performance remains strong despite the slowdown in the cryptocurrency market and some controversies.
Crypto analysts see a “decent” entry spot for JUP
Jupiter's JUP started trading around $0.63 this month, and the price has increased 106% in 25 days. The token’s performance this month has shown sideways price movements before rising to new support levels twice, which could signal the potential for further price spikes despite a tumultuous week. there is.
In a post on X, prominent crypto analyst Altcoin Sherpa commented on JUP’s recent performance and questioned its upside potential.
$JUP: Wondering if the next leg of JUPITER will come… Looks ok with consolidation + BTC looks somewhat stable (for now). This could be a decent spot entry. pic.twitter.com/uE8IHblbFY
— Altcoin Sherpa (@AltcoinSherpa) March 25, 2024
The analyst shared a price chart of JUP that shows the token’s sideways movement within the price range of $1.12 to $1.47 over the past few days. The chart shows that the consolidation phase began after the token’s price surged and failed to test the $1.50 resistance level on March 16th.
After falling back to the $1.20 level, JUP retested the resistance zone again on March 18th and briefly reached $1.60, but was ultimately unable to maintain it. After the attempt to move higher failed, the price fell further to the $1.10 support zone in the following days.
Since then, JUP has rebounded and hovered between the $1.15 and $1.25 zone. According to analysts, recent price stability appears to be “okay.” He further emphasized Bitcoin's current stability and appeared to suggest to Sherpa that JUP could repeat its March trajectory.
As a result, analysts see this moment as a “decent entry spot” for Jupiter's token. Additionally, he has previously expressed positive feelings toward JUP, calling the token a “winner” that “keeps winning.”
Winners keep winning. $PYTH and $JUP Some of the great things. pic.twitter.com/nL4BmzxFJo
— Altcoin Sherpa (@AltcoinSherpa) March 16, 2024
JUP price action
Recently, the JUP community expressed some concerns after JUP co-founder Meow announced a controversial decision. Nya revealed on X that Jupiter will donate SLERF limit orders and DCA fees to token presale participants.
This decision was made without consulting the community, which is an important part of the project. In response to the criticism, Nya explained, “The donation did not include JUP tokens, and despite the community confusion, the price of JUP did not appear to be affected.”
It is worth noting that Bitcoin prices showed signs of stabilization over the weekend, as highlighted by Sherpa. This is important as JUP was closely following the trajectory of BTC last week. As the graph below shows, Solana-based tokens mimicked the movements of the flagship cryptocurrency.
JUP and BTC's price performance over the last 7 days. Source: CoinGecko
In the past 24 hours, Jupiter's trading volume surged 64.1%, with $214.7 million traded. According to data from CoinMarketCap, JUP's market capitalization increased by 8.5% in the past day, making the token the 65th largest cryptocurrency by this metric with $1.77 billion.
Despite a -3.5% performance over the past week, the token has shown a significant price increase of 71.8% in the bi-weekly period. At the time of writing, JUP is trading at $1.33, up 13.2% over the past day.
Jupiter's performance in the 3-day chart. Source: JUPUSDT on Trading.view.com
Featured image from Unsplash.com, chart from TradingView.com
