Jupiter (JUP) has had a remarkable month, with its price soaring over 150% in the last 30 days. Amid the crypto market slowdown and some controversies, JUP’s performance has maintained momentum.
Crypto Analyst Sees “Decent” Entry Point for JUP
of Jupiter JUP started the month trading at around US$0.63 and saw the price jump 106% in 25 days. The token’s performance this month showed sideways price action before rising twice to a new support level, which could suggest another price rise is possible despite the turbulent week.
In an X post, renowned crypto analyst Altcoin Sherpa commented on JUP’s latest performance while wondering about the possibility of an upside.
$JUP: Wondering if the next leg is coming for JUPITER… consolidation and it looks ok + BTC seems somewhat stable (for now). Could be a decent entry here. pic.twitter.com/uE8IHblbFY
– Altcoin Sherpa (@AltcoinSherpa) March 25, 2024
The analyst shared the JUP price chart, which displayed the token’s sideways movement within the $1.12 to $1.47 price range over the past few days. The chart shows that the consolidation phase began after the token’s price rose and unsuccessfully tested the $1.50 resistance level on March 16.
After a pullback to the $1.20 mark, JUP retested the resistance zone on March 18, briefly reaching $1.60, but was ultimately unable to maintain it. After the unsuccessful attempts to climb, the price fell further towards the $1.10 support zone in the following days.
Since then, JUP has recovered, hovering between the $1.15 and $1.25 zone. The recent price consolidation seems “ok”, according to the analyst. He further highlights Bitcoins current stability, apparently suggesting to Sherpa that the JUP could repeat its March trajectory.
As a result, the analyst considers this moment a “decent entry point” for the Jupiter token. Furthermore, he has demonstrated positive sentiment towards JUP before, calling the token a “winner” that will “keep winning.”
winners will keep winning. $PYTH It is $JUP are some of the big ones. pic.twitter.com/nL4BmzxFJo
– Altcoin Sherpa (@AltcoinSherpa) March 16, 2024
JUP Price Action
Recently, the JUP Community showed some concerns after its co-founder Meow announced a controversial decision. Meow revealed on X that Jupiter would donate the SLERF limit order and DCA fees to token pre-sale participants.
This decision was made without consulting the community, a crucial part of the project. Following the criticism, Meow explained that “no JUP tokens were involved in the donation and despite the turmoil in the community, the price of JUP did not appear to have been affected.”
It is worth noting that the price of Bitcoin showed signs of stabilization over the weekend, as highlighted by Sherpa. This is important as JUP has closely followed BTC’s trajectory over the past week. As the chart below shows, the Solana-based token mimicked the movements of the leading cryptocurrency.
JUP and BTC's price performance over the last 7 days. Source: CoinGecko
In the last 24 hours, Jupiter’s trading volume increased by 64.1%, with $214.7 million traded. According to data from CoinMarketCap, JUP’s market capitalization increased by 8.5% in the last day, placing the token as the 65th largest cryptocurrency by this metric, with US$1.77 billion.
Despite the negative 3.5% performance Last week, the token saw a significant price jump of 71.8% in the bi-weekly period. At the time of writing, JUP is trading at $1.33, up 13.2% over the last day.
Jupiter's performance in the 3-day chart. Source: JUPUSDT on Trading.view.com
Featured image from Unsplash.com, chart from TradingView.com
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