Jupiter (JUP) is up by just a fraction of a percentage. As of 13:25 GMT+3, Jupiter was trading at $0.504 with a market capitalization of $680.693 million.
While Jupiter’s price has yet to make any big moves, it continues to be one of the top-trending cryptocurrencies, a pointer that momentum is building up. There are several other pointers to the fact that momentum is building around Jupiter.
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For a start, Jupiter recently surpassed Uniswap as the largest decentralized exchange in the market today. With Solana meme coins continuing to hit the market every day, Jupiter is uniquely positioned to see its daily trading volumes continue trending up over time. This adds to the intrinsic value of the Jupiter token, which powers the Jupiter ecosystem. Analysts are comparing Jupiter’s potential success to that of Uniswap when there was a frenzy around Ethereum tokens.
But this is just part of the story that is drawing a lot of investors to Jupiter (JUP) at the moment.
Recently, Jupiter (JUP) had an airdrop that distributed up to $1 billion worth of tokens to the community. While the airdrop created a lot of volatility around Jupiter Token, it has also made it a truly community project, and this has seen investors keen on JUP as a viable investment going into the future.
Meow Announces Jupiter Growth Plan
Even more interesting is that, now that the airdrop is over, Jupiter’s founder, Meow, has devised an ambitious growth plan for the project. Through a post on X, Meow notes that the focus now goes toward Jupiter’s next step, Jupiter United Planet (JUP). Meow has revealed that JUP has three main components.
Now that the launch period is over, my main focus in the coming weeks is going to be kickstarting the third crucial component of Jupiter – Jupiter United Planet (J.U.P.)
J.U.P represents the core community of Jupiter, and will have 3 main aspects:
1. Space Catdets: For…
— meow 🥧 (@weremeow) February 8, 2024
The first one is the space cadets. According to Meow, this will be a community dedicated to improving Jupiter. The second is the ecosystem working group, which comprises community leaders working on project listings and other ways to help grow the Jupiter ecosystem. Lastly is the Jupiter DAO, whose sole goal is to approve projects to help push Jupiter to new levels.
Overall, the buildup in buying momentum around Jupiter is due to a confluence of factors, namely Jupiter’s flipping of Uniswap, the $1 billion JUP token airdrop, and now the move by Meow to announce a growth plan for the Jupiter ecosystem.
Jupiter Price Forms A Bullish Flag Pattern, A Signal To An Impending Bull Rally
Jupiter’s price above is a pole and flag pattern, indicating an upcoming bullish breakout.
After making one long candle on January 31st, Jupiter has been trending lower, albeit with declining selling volumes. This indicates that the profit-taking that characterized Jupiter trading after that initial pump is done. In its place is increasing consolidation as investors seek out another potential rally in the short to medium term.
If bulls are able to break the multiple-day resistance level at $0.5271 and with high volumes, Jupiter could experience a rally that could see Jupiter retest its January 31st highs of $0.82. If bulls push JUP through $0.82, then $1 could be within reach in the short term.
Conversely, if selling volumes increase and Jupiter breaks the $0.50 support, the pole and flag pattern would be broken. In such a case, Jupiter could quickly eat into all the gains that followed the token’s pump on January 31st.
Jupiter Price Prediction: A Bullish Breakout Could Be Underway
The pole and flag pattern with continually thinning selling volumes indicates that bears are losing momentum. Multiple fundamental factors support a potential bullish breakout for Jupiter, as hinted at by the charts.
One is Bitcoin’s rally, which seems to get stronger daily. With the Bitcoin halving expected to take Bitcoin to new heights and uplift the whole market, altcoins like Jupiter stand to benefit the most. That’s because Jupiter has made a mark in a relatively short period to become the largest decentralized exchange by volume.
With the hype around Solana meme coins only getting stronger, Jupiter will likely see more positive price action as trading volumes grow.
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