The popular Solana-based swap aggregator, Jupiter, has gained immense attention from traders as the price has been inflating for over a couple of days. The daily volume has surged from levels below $500M to above a bullion that substantiates the claim. As a result, the JUP price is making huge waves with a remarkable 25% increase in the past 24 hours. With this, Jupiter is expected to enter the top 50 crypto rankings as its market capitalisation surges above $2 billion.
Why is Jupiter (JUP) Price Surging?
In the past few days, the platform has made a couple of huge upgrades that are believed to have benefitted its’ native token. Firstly, it announced a major fee rollback wherein it plans a $50 million JUP token buyback, utilizing 50% of 2024’s revenue. Next, it has also unveiled its plans to burn 3 billion JUP tokens and lastly shed light on its ecosystem expansion. Jupiter launched Jupnet by acquiring a major stake in Moonshot.
Besides, the platform also announced a $10 million AI fund with Eliza Labs, focusing on enhancing the Solana ecosystem. This strategic partnership is considered the most significant one that may bolster technical advancements. With this, the traders have turned optimistic, and the buying activity has gained huge momentum as the traders appear to be bullish on the JUP price rally.
Will JUP Price Mark A New ATH in February 2025?
The JUP price has been defending the lower support zone around $0.8 since the start of the year, which has now become a strong base. As a result, the price triggered a strong rebound, printing massive bullish candles. Currently, the price appears to be poised to reclaim the interim highs just above $1.4, while more upswing is on the horizon.
The daily chart of JUP appears to be extremely strong, as the bulls are leaving no stones unturned in holding the momentum upright. The 50/200-day MA’s bearish crossover had raised some concerns but the 50-day MA seems to be preparing for an immediate bullish crossover or the Golden Cross. Besides, the Chainlin Money flow has been hovering around the average or ‘0’, indicating the rally maintained its strength amid the recent selloff. Now that it has raised above ‘0’, it suggests an increase in the market’s strength.
Therefore, Jupiter’s (JUP) price appears to be primed to test the local resistance at $1.3 anytime from now and a sustained breach could eventually push the price to the final resistance zone. Once this zone between $1.37 and $1.39 is tested and cleared, it could form a new ATH above $1.5 initially and later close to $2.
