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The Jupiter price tumbled 3% in the last 24 hours to trade at $0.4928 as of 4.45 a.m. EST on trading volume that plunged 24% to $214.1 million.
The Solana-based token’s price has been dropping ever since its launch in late January and it’s now down 69%.
The token did see a minor improvement in its price after its founder unveiled a new initiative called the Jupiter Work Groups (JWG) initiative, which brought optimism to some of the project’s investors.
The initiative aims to establish collaboration and scalability within Jupiter’s community, with the goal of creating a productive and proactive community. In time, it intends to enhance the efficiency and effectiveness of community efforts by promoting consistency in day-to-day activities and independence.
Jupiter Price Prognosis
Jupiter’s price has been dropping ever since the token’s launch, but it seems like it finally reached its bottom just above $0.47. With the token finally reaching its lowest point, many believe that it is now ready to start heading back up.
While the founder’s new initiative did cause the price to recover to $0.50, this level started acting as a barrier that is holding the token from heading further up. However, there are some technical indicators that suggest that JUP price might yet see a recovery, and potentially push through the resistance.
One of them is the project’s Relative Strength Index (RSI) level, which moved away from the oversold zone toward the neutral, and then toward the overbought area, reaching the value of 67.26 before dropping back to the current 56.42. This drop mirrored the behavior of the price, suggesting that traders have taken profit when the price recovered to $0.50.
With the RSI score now back in the neutral zone, it could potentially head back up if traders swoop in to buy the dip, especially as the announcement of the new initiative reaches wider community, and brings fundamental reasons for the bulls to push the price back up.
At the same time, there are Bollinger bands that saw significant widening in the past 24 hours, which is another strong bullish signal, especially as the price is significantly closer to the upper band than the lower one.
In the past six hours, the token has established seemingly strong support at $0.490. Because of it, the rejection as it approached $0.50 did not hurt it as strongly as it could have, and for now, the support is still holding. This could even provide the price with a foothold and allow it to try to make a recovery, and possibly breach the resistance at $0.50.
If this happens, the token could potentially keep going higher. As many in the community have pointed out, treating this price as a point of entry is risky, but it could turn out to be a good call.
Promising Alternative to Jupiter
While Jupiter holds potential for the future, especially with the new initiative, many in the crypto community have discovered what they believe to be a more promising alternative. This is another Solana project known as Smog (SMOG), which just launched recently.
Another meme coin, Smog is a dragon that “reigns over the crypto battlefield, incinerating all his foes.” Its dragon theme has helped it appeal to Asian crypto communities, where Chinese communities are celebrating the ushering in of the year of the dragon
There’s also a massive buzz around the project’s promise to unleash the “greatest airdrop in history.” Those who buy and stake the token will be eligible to participate in the upcoming airdrop, and you can also stake tokens for a 42% APY in the meantime.
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
You can buy Smog using ETH or USDT via the official website here.
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