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The Jupiter price has soared 11% in the last 24 hours to trade for $0.5253 as of 1:20 a.m. EST time, with trading volume rising almost 60%.
With price and trading volume metrics rising, the turnout points to renewed interest in JUP. This is likely associated with the network’s integration of Sanctumso’s new LSTs.
Jupiter has integrated @sanctumso's new LSTs! You can now trade bonkSOL, DriftSOL and many more throughout all of Solana.
Thanks to Sanctum, these trades tap into unified LST liquidity, giving you better prices.
Jupiter is happy to drive the infinite LST future with Sanctum! https://t.co/QyuZvKVjhO pic.twitter.com/tsYqoqcMhB
— Jupiter 🪐 (@JupiterExchange) February 15, 2024
Another factor driving the Jupiter price is enthusiasm around the introduction of the Jupiter Work Groups (JWGs) initiative announced by the Jupiter founder.
Our second working group is headed by the amazing @kashdhanda from @SuperteamDAO — whom many of you are already familiar with, from the super fun and informative Solana Ecosystem calls! 🥳
He will be leading weekly Jupiter Community Calls to communicate Jupiter’s product, new… https://t.co/UYMV0dxKQi
— Jupiter 🪐 (@JupiterExchange) February 14, 2024
With the hype around the JWGs plan, there has been a significant wave of confidence among investors. Meanwhile, the Jupiter price is consolidating within a falling wedge, coiling up for a breakout soon. It sits on immediate support due to the 50-day Simple Moving Average (SMA) at $0.5141.
Jupiter Price Outlook
Cognizant that the Jupiter price action is governed by a falling wedge pattern, the altcoin could be poised for a bullish breakout. This is because the falling wedge pattern occurs when the price of an asset has been falling over time. This technical formation manifests just as the trend makes its final downward move.
The trend lines drawn above the highs and below the lows on the price chart pattern can converge as the price slide loses momentum. This is the point where buyers step in to slow the rate of decline. Before the lines converge, the price may break above the upper trend line.
When the price breaks the upper trend line, the security is expected to reverse and trend higher. Traders identifying bullish reversal signals would want to look for trades that benefit from the asset’s rise in price.
Meanwhile, technical indicators support the upside potential for the Jupiter price, with the Relative Strength Index (RSI) standing above the 50 mean level. This points to a strong price strength, accentuated by the position of the Moving Average Convergence Divergence (MACD) above its signal line (orange band).
Further, the histogram bars of both the MACD and the Awesome Oscillator (AO) are flashing green in positive territory, adding credence to the bullish thesis.
If the bulls have their way, the Jupiter price could shatter the resistance due to the upper boundary of the falling wedge pattern. This could see the altcoin’s market value climb to tag the $0.6000 psychological level.
In a highly bullish case, the gains could extend past the $0.7000, and $0.8000 psychological levels for the Jupiter price to retake the $0.8720 range high, levels last tested on January 31. Such a move would denote a 65% climb above current levels.
TradingView: JUP/USDT 4-hour chart
Converse Case
If the bears have their way, the Jupiter price could drop below the lower boundary of the wedge pattern at $0.4709. A candlestick close below this level on the daily timeframe would invalidate the bullish thesis. This could set the tone for an extended fall, potentially going as low as the $0.4000 psychological level, or worse.
While the Solana-based Jupiter price fills up the falling wedge, consider another player in the Solana ecosystem, Smog. The token was launched via the Jupiter decentralized exchange (DEX), just like JUP.
Boasting an impressive 17% price surge in the past 24 hours, the token is poised for 100X growth at launch, according to crypto YouTuber Jacob Bury. So is it the new Bonk?
It promises the mother of all airdrop campaigns, standing on the shoulders of success seen in recent breakout launches on Solana such as Myro, Bonk, and Dogwifhat.
Promising Alternative To Jupiter
Smog brings forth a profound tokenomics, accommodating an allocation for the airdrop so that Smog community members can enjoy access to the greatest Solana airdrop in history.
In order to participate in the SMOG airdrop campaign, traders will need to use a Solana-compatible wallet such as Phantom.
The $SMOG token has been gaining momentum, especially amid the festivities of the Chinese Lunar New Year of the Dragon. Crypto analysts recognize it as a top pick for exponential gains, and it’s set to benefit from buying by the Chinese community due to its lucky dragon theme.
One #Memecoin to rule them all! 🚀
Get ready for the greatest #Airdrop in history, distributed on #Solana. 💰
Join #SMOG on Zealy! 🔥
Link in Bio 🔗 pic.twitter.com/vsn4p5cSF4
— SMOG (@SMOGToken) February 8, 2024
Join the Smog community on X (Twitter), Discord, and Telegram to stay tuned with the latest news and updates. You can also explore the Lite Paper to find out more.
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