Jupiter is one of the best-performing altcoins today and is currently up by 57% to trade at $1.48. Trading volumes have also risen by 115% in the last 24 hours today, hitting a high of $1.617 billion.
Jupiter is the largest decentralized exchange in the Solana ecosystem. Since it launched, Jupiter has experienced a massive surge in adoption and now handles more transactions than top Ethereum DEXs such as Uniswap. Jupiter has built a reputation for offering a fantastic liquidity provision system on Solana.
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It is also continually coming up with new products. It now offers a wide array of DeFi products that ensure traders make the most of the market. These include executing limit orders, bridging transactions, and opening perpetual trading positions in a decentralized environment.
Jupiter Launches Value-Average Investment Feature
One of the key reasons why Jupiter is outperforming the market today is that one of the features is announced this week. The Jupiter team announced the launch of the value-average investment feature. Through this feature, it will now be possible for investors to trade crypto assets automatically based on price action. It is set so investors can buy more assets when the price falls and less when the price goes up.
Introducing Value-Average (Beta) — it enables you to auto-invest based on price action! 🚀
Check it out at https://t.co/q5wCK2HkSK
It’s hard timing the market, value average can help with that.
Value-average (VA) prioritizes balanced portfolio growth by dynamically adjusting… pic.twitter.com/Wv1vjTTeBU
— Jupiter 🪐 (@JupiterExchange) March 14, 2024
The idea is to help investors automatically buy at the bottom and sell at the top. While this feature is currently only available in beta, it has the potential to increase the number of people using Jupiter, especially unskilled traders, and the market is responding to this by pricing the value of JUP tokens higher.
An Explosion Of Meme Coins
Jupiter’s rising adoption is also driven by an explosion of meme coins on the Solana blockchain. That’s because, due to the low fees on Solana, it is easier for small investors to buy meme coins on the Solana network, and this is mostly happening on Jupiter DEX.
Fun fact: Space cats ship even when sleeping 😴🐱🚢 https://t.co/vnB4B1IWKm
— Jupiter 🪐 (@JupiterExchange) March 16, 2024
With the Bitcoin halving coming up in a few weeks, there is high expectation in the market that a bullish crypto super cycle is coming up, and many investors are pivoting to meme coins for their potential returns. This means the activity level around Solana meme coins on Jupiter will continue to increase in the coming weeks and months. This explains the surging demand for the Jupiter network and, by extension, the JUP token.
The ease of buying JUP also supports its surging price. Anyone looking to buy Jupiter tokens can easily do so on top cryptocurrency exchanges such as Binance, KuCoin, Kraken, and HTX. This ease of access means that if Jupiter tokens keep increasing, investors could FOMO into JUP and push the prices multiple times from where they are today.
In the section below, we make a Jupiter price prediction to try and determine whether Jupiter can go higher after its price rally in the last 24 hours.
Jupiter Crypto Price Prediction
When doing this price analysis, Jupiter traded at $1.40, up by 51%. Trading volumes are up by 118%, indicating a massive increase in the price of JUP tokens.
Jupiter is currently in a slight correction after a rally pushed to a high of $1.5699 earlier in the day. This indicates that short-term traders, especially leveraged traders, are booking profits.
If profit-taking does not push Jupiter through the $1.3619, a key intra-day support level, two scenarios could play out. The first is a continuation of the upside momentum that Jupiter has built so far. In such a scenario, Jupiter could easily hit a $2 or more high.
On the other hand, if volumes drop and bulls cannot push Jupiter through the day’s high of $1.5699, Jupiter could consolidate between $1.5699 and $1.3619 through the weekend.
However, if short sellers push Jupiter through the $1.3619 support, prices below $1 could be hit in the day.
Why $2 JUP Is Coming Soon
With increasing buying volumes and growing investor interest in Solana meme coins, the odds are that demand for JUP tokens will remain high. This means a continuation of the uptrend through the $1.5699 could come soon, within the weekend.
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