Jupiter Price Surges 2% as JUP Co-Founder Proposes Utilizing Unclaimed Tokens for Active Staking Rewards

The Jupiter price is in focus today, as it has soared 2%, with the JUP/USD trading at $0.7303 in the past 24 hours. Despite the slight increase, JUP has fallen by 9% in the past week and 54% in the past year. Moreover, its 24-hour trading volume worsens the outlook as it has plunged 18% to $53 million, signaling a recent fall in market activity. 

However, Meow, the pseudonymous co-founder of the Solana-based decentralized crypto swap aggregator Jupiter, has proposed a governance plan to repurpose 230 million unclaimed JUP tokens for an Active Staking Rewards (ASR) program. He has further added that if there will be no significant opposition, the proposal will be put to a community vote next week.

In today’s planetary call, I proposed that the 230M unclaimed JUP from the first Jupuary be used to extend and fund ASR for a few more seasons.

If there’s no major opposition, we will do a formal proposal & move it forward for a vote next week.

Let us know any…

— meow 喵 (@weremeow) September 5, 2024

Meanwhile, On-chain data paints a bullish picture, as JUP’s long-to-short ratio is above one. According to Coinglass data, Jupiter’s long-to-short ratio stands at 2.01, supporting the bullish outlook in the near term.

Often, if the reading rises above 1, the average open position is bullish, while a reading below the value suggests a bearish stance. This ratio reflects bullish sentiment in the market, as the number above suggests that more traders anticipate the price of the asset to rise.

Jupiter Statistical Data

Based on CoinmarketCap data:

• JUP price now – $0.7239
• Trading volume – $53 million
• JUP market cap – $977 million
• Total supply – 10 billion
• Circulating supply – 1.35 billion 
• JUP ranking – #59

Jupiter Price Gearing Up Towards a Bullish Reversal Trend

The price of Jupiter is trading well within the confines of a falling channel, as the bulls eye for a reversal. Often, the falling channel is characterized by consistent lower highs and lower lows, indicating sustained selling pressure. The price has currently retested the support area between $0.70 and $0.67. This support zone has been tested multiple times, suggesting strong buyer interest at this level, which could trigger a bullish reversal. 

However, the Jupiter price trades below the 50-day and 200-day Simple Moving Averages (SMAs), suggesting increased selling pressure. In this case, the bulls must conquer the $0.75 and $0.81 technical barriers before the resumption of an uptrend. 

Notably, the Relative Strength Index (RSI) is below the 50-mean level, currently at 47. This reinforces some bearish momentum with the potential for further downside unless a reversal happens soon.

On the other hand, traders are at liberty to hold their long positions in JUP intact, bolstered by the bullish outlook from the Moving Average Convergence Divergence (MACD) indicator. A buy signal validated the rally with the blue MACD line stepping above the signal line in orange. The momentum indicator has also been trending upwards into the positive region, hurtling towards the mean line at 0.00.

Bullish Reversal or Pullback?

Jupiter (JUP/USD) trades within a falling channel on the 4-hour chart. The price faced rejection near the upper boundary of the channel around $0.75, which also aligns with the 50-day SMA, reinforcing the selling pressure. If the bears keep dominating with the RSI and Moving Averages, suggesting some bearish prospects in the market, the JUP price could dwindle. A breach and break below the support zone will see the price dive to $0.6635. 

However, if the buyers add to their positions as the MACD calls for traders to buy JUP, the price could surge. A decisive candlestick close above the falling channel and the resistance at $ 0.81 would shift the sentiment toward a more bullish tone.