JUP Price Rally: What to Expect Moving Forward

JUP, the native token of the decentralized exchange Jupiter built on Solana, has experienced a significant rise over the past few weeks. Currently priced at $1.01, it has soared by 25% in the last month.

BeInCrypto’s analysis of its technical and on-chain metrics indicates that an extended upward trend may be on the horizon. This assessment outlines the price milestones that JUP holders should monitor.

Jupiter Shows Strong Performance

JUP’s impressive growth, boasting double-digit gains this past month, has driven its price beyond the Ichimoku Cloud, a vital metric for tracking an asset’s market momentum and identifying potential support and resistance levels.

When an asset trades above the Ichimoku Cloud, it indicates a robust bullish trend, suggesting that buyers are in command and market sentiment remains optimistic. Since October 18, JUP has maintained its position above the cloud on the daily chart, pointing to possible support zones.

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This indicates that even with minor retreats, the token’s price is likely to find support near the cloud, sustaining its upward trajectory. Moreover, JUP’s Aroon Up Line reads at 100%, confirming the strength of its current rally.

The Aroon indicator assesses trend direction and momentum, and a 100% Up Line signifies that the asset has recently reached a new high. For JUP, this represents its peak pricing in the last 30 days.

This 100% figure is a compelling bullish signal, reflecting strong upward momentum. Traders view it as confirmation that buyers are dominating the market, making additional price increases probable in the near term.

JUP Price Outlook: Continued Buying Pressure Required to Maintain Momentum

At present, JUP is trading at $1.01, nearing a crucial resistance level at $1.09. Should buying momentum persist, JUP may surpass this resistance and target the next significant barrier at $1.23. A successful breakout could propel it towards the six-month peak of $1.38.

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Conversely, should the market experience profit-taking, JUP might give back its recent gains, potentially dropping toward support levels within its Ichimoku Cloud at $0.90 and $0.86. A break below these supports could push the altcoin down to its July 5 low of $0.63.