Jupiter Price Prediction: Solana Token JUP Bounces Back With 8% Surge, But Analysts Say Consider Meme Coin SpongeV2 On Polygon For 100X Gains

The Jupiter price has surged by 8% within the last 24 hours to hold a spot price of $0.5614 as of 9:00 a.m. EST.

It’s providing some respite for the new Solana token JUP, which has plunged more than 63% since launch last week.

Jupiter Price Prediction

Based on data from hourly JUP/USDT, we see the token displayed a downtrend earlier today, as evidenced by the consistent formation of lower highs and lower lows within the confines of a descending channel.

However, the market seems to have reversed this trend with a strong upward movement, breaking past the upper boundary of the descending channel. This bullish breakout is further validated by a significant green candle that has surpassed previous highs.

The Relative Volatility Index (RVI) is currently indicating a value of 73.10, which is above the midline of 50. This suggests that the future volatility is likely to be higher, and the current bullish momentum could continue in the short term.

Additionally, the Klinger Oscillator shows a positive divergence, with the value at 804.717K against a signal line value of 364.794K. This divergence signals a continuation of the current bullish trend.

Jupiter Price Prediction: Will JUP Keep Pumping?

The Pitchfork tool, which is set to ‘Auto’ and ‘Original,’ suggests that the price was previously consolidating within the lower half of the pitchfork, indicating bearish sentiment. 

However, the bullish breakout has carried the price into the upper half of the pitchfork, which is indicative of a trend reversal or a corrective move within a larger bearish trend, as bulls now regain control.

1-hour JUP/USDT chart | Source: TradingView

Meanwhile, meme coin Sponge V2 is rising to prominence as an enticing presale that promises to repeat the 100x surge on launch of its predecessor, $SPONGE.

The Solana network outage on February 6 hit that blockchain’s meme coin projects with trading halted on various exchanges. The incident highlights the need to put money into tokens that are built on robust blockchains. SpongeV2, running on Ethereum, stands among these as investors now rank it among 2024’s top meme coin picks.

A Lucrative Chance For 100 Times Gains!

Sponge V2 comes as the successor to Sponge V1, a token that saw early investors feast on gains of more than 100x in May 2023, coinciding with the explosion in value of PEPE.

Important Information 🌟

The exchanges are getting ready to transition from $SPONGE V1 to V2!

Check out these articles below!

1️⃣ @bitgetglobal
👉https://t.co/by2YqzvyUp

2️⃣ @Mex
👉 https://t.co/dMbCUvVuG7#SpongeV2 #Crypto #Web3 #Altcoins #MemeCoin pic.twitter.com/hHSWtAurPJ

— $SPONGE (@spongeoneth) February 5, 2024

A hundred million dollars in market capitalization and more than 13,000 holders later, Sponge V1 had attracted industry heavyweights like Justin Sun, founder of Tron, thanks to its meteoric rise.

Sun had expressed interest in meme coins, and bought $SPONGE tokens that are currently worth about $90,000. This is the kind of success that Sponge V2 hopes to achieve, presenting those who missed the entry into the Jupiter price pump with another opportunity to make profits.

I've decided to begin actively trading meme coins and promising projects through my public address. Please note, I will personally bear all potential losses from these trades, and any profits made will be donated entirely to charity.

— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 11, 2023

On February 5th, Sponge V1 was formally retired, and all $SPONGE holders were transferred to Sponge V2 on the safer Polygon network. 

Earn Rewards By Staking $SPONGE

Sponge V2 offers investors the chance to stake tokens for an astounding 3,438% APY. Sponge V2 also introduces additional features, the most prominent of which is play-to-earn (P2E) gaming.  

YouTuber Jacob Bury, who boasts over 27K subscribers on YouTube, believes the meme coin has the potential to return another 100x surge.

Visit the Sponge V2 website here to connect your digital wallet and exchange your ETH or Tether for V2 tokens. 

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