Jupiter (JUP) Eyes Price Rally to $11.65 with Solanas Continued Growth
- Jupiter (JUP) has increased by nearly 12% over the past week, fueled by growing interest in the Solana ecosystem, especially following the launch of TRUMP.
- A 14.62% drop in JUPs price is seen as short-term, triggered by Bitcoins recent pullback, creating buying opportunities for investors.
- Analyst predicts JUP could reach as high as $11.65, with key price targets at $1.30 and $2.72, supported by Solanas continued growth.
Jupiter (JUP), a cryptocurrency native to the Solana ecosystem, is showing strong signs of an impending breakout, with a notable upward momentum in recent weeks. Over the past week, JUP has demonstrated a positive price trajectory, appreciating by almost 12%.
As the crypto space focuses on high-profile launches, such as Donald Trumps new memecoin, OFFICIAL TRUMP (TRUMP), attention is also shifting to the Solana blockchain, where the launch of TRUMP is fueling impressive gains for its ecosystem tokens, including JUP and Solana (SOL).
Jupiters 14.62% Drop Seen as Temporary
Currently, JUP is priced at $0.888, experiencing some fluctuations due to broader market trends. At the time of writing, its 24-hour trading volume stands at approximately $720.99 million, with a market capitalization of $1.2 billion.
While JUP experienced a 14.62% drop in the last 24 hours, this short-term decline can be attributed to a broader market correction triggered by Bitcoins recent pullback. As Bitcoins price retraced, it caused a ripple effect, pulling down altcoins like JUP in the short run. However, this price dip has raised interest from investors looking for buying opportunities at lower levels.
JUP Poised for Rally to $11.65
Despite this short decline, crypto analyst CryptoBullet remains optimistic about JUPs long-term potential, sharing an insightful macro view of the tokens price action. According to CryptoBullet, JUP has been in a long period of accumulation, trading between $0.70 and $1.30 for nearly 280 days.
This consolidation suggests that the token could be primed for a significant rally. With the Solana ecosystem continuing to grow in strength, particularly with the successful launch of TRUMP on the blockchain, JUPs price outlook appears favorable.
From a technical standpoint, key price levels for JUP are as follows: the resistance level is at $1.30, with an intermediate target at $2.72. For longer-term projections, the first macro target is set at $6.65, followed by a second macro target of $11.65.
The ongoing accumulation phase, combined with the strength of the Solana ecosystem, suggests that Jupiter is well-positioned for a potential breakout. Traders and investors are closely monitoring these levels, with hopes that JUP will follow in the footsteps of Solana (SOL) and experience substantial price appreciation.
As the cryptocurrency market continues to evolve, the Solana ecosystem is clearly gaining momentum, and Jupiters promising outlook makes it one to watch in the coming months.
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Read more: https://www.tronweekly.com/jupiter-jup-eyes-price-rally-to-11-65-with-solanas-continued-growth/
Text source: TronWeekly
