- JUP could rise by 35% and reach a level of $ 0.55 if it closes a daily candle above $ 0.43.
- Traders built $ 2.17 million in long positions.
During last week, Jupiter (JUP), based in Solana, drew significant attention from crypto enthusiasts because of its impressive 30%rally.
This momentum has not only paved the way for continuous upward potential, but also attracted traders who bet more and more on the bullish side.
At the time of the press, JUP was negotiated nearly $ 0.426, recording a price wave of more than 6.25% in the last 24 hours. Traders have shown strong interest and trust in the token, which resulted in a 10% increase in the volume of negotiation.
Why does Jupiter’s price increase?
Experts and analysts believe that the main reason for this continuous rise is the volume of trading DEX of JUP.
On June 22, Jupiter Dex shared a report revealing that its negotiation volume had exceeded 1 dollars billion, with 1.7 billion transactions.
This highlights the strong presence on the Jupiter market within the Defi ecosystem, which has not only helped the platform to reach the milestone of $ 1 Billion, but also led to a significant increase in income.
At the time of the press, Defillama’s data showed that Jupiter Dex had generated $ 254,176 in protocol income in the last 24 hours, which has brought his cumulative income to $ 200.65 million.
Source: Defillama
Action of key technical levels and levels
According to an expert technical analysis, JUP appeared bullish and is on the verge of a significant increase movement.
The daily graphic revealed that the asset had recently left a descending trend line, forming a head and an inverted bullish shoulder motif, which appeared at the edge of an escape.
Based on the action of recent prices and historical models, if the continuous increase moment continues and that JUP bursts over the neckline at $ 0.43, there is a high possibility that the price could rise by 35%.
Thus, the price could reach a range of $ 0.55 to $ 0.59 in the near future.
Source: tradingView
THis upward prospects were further reinforced by the MacD, which crossed the signal line after the recent rally.
In addition, the MacD histogram bars have become green and seemed to grow in size, reporting an increase in the bullish momentum and suggesting the potential of the increase more in the coming days.
The eyes of traders on long positions
Given the current feeling of the market, traders seemed to have an optimistic perspective, because they were betting strongly, according to the Coiginglass chain analysis company.
Source: Coringlass
The data show that the traders are over $ 0.391 on the lower side and $ 0.446 on the upper side.
At these levels, they built $ 2.17 million in long positions and $ 612,000 in short positions, which suggests that the Bulls are back and currently dominate the asset.
