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Jupiter Price Prediction: Solana Token JUP Bumps Along The Bottom After 61% Crash Since Launch As Analysts Eye This Potential Pepe Killer For 100X Gains

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Jupiter
Jupiter

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The Jupiter price is up 2% in the last 24 hours to trade for $0.5911 as of 12:20 a.m. EST time.

Trading volume dropped 5%, with the Solana-based token bumping along the bottom after a 61% crash since launch.

Perpetual traders that shorted the altcoin made a profit, nonetheless, even as investors look for the next buy opportunity.

It all comes after Jupiter Exchange, a decentralized exchange (DEX) built atop the Solana blockchain, made headlines after announcing an airdrop for the JUP token, now available for claiming. That was on Jan. 31, and was among the largest token launches this year.

The airdrop witnessed an impressive distribution, with almost one million (955,000) Solana wallets being credited with JUP tokens. In an interesting twist, JUP airdrop eligibility was extended to users who had interacted with Jupiter Exchange before Nov. 2 last year.

Jupiter Price Outlook As Traders Claim JUP Airdrop Tokens

The Jupiter price is trading within a range after exhausting a descending trendline. The governing market range, between $0.5761 and $0.7035 could hold for some time even as JUP price prepares for a move north.

This is seen in the northbound Relative Strength Index (RSI) at 42.61, which was above to execute a buy signal by crossing above the signal line (yellow band) at 42.71. if the pending buy signal executes and traders heed, the Jupiter price could extend north, potentially testing the roof of the market range at $0.7035. In a highly bullish case, the gains could see Jupiter price shatter this blockade before going as high as the $0.8000 psychological level. This could bring the range high of $0.8720 into focus.

Jupiter price

TradingView: JUP/USDT 3-day chart

Conversely, if traders cash in their gains, the Jupiter price could descend, losing the support provided by the base of the market range at $0.5911. In a dire case, the load-shedding exercise could send the altcoin to the $0.5000 psychological level.

Meanwhile, attention has shifted to Sponge V2, which analysts say is a potential Pepe killer.

Promising Alternative To Jupiter

Sponge V2 takes the spotlight after the network announced the termination of Sponge V1. The transition will also see the project migrate to SPONGE V2 on the Polygon Network. The migration follows recent malicious attack on its liquidity pool.

As a precaution against future attacks, the network is moving all $SPONGE V1 holders to the Polygon network, where they can enjoy a more secure, efficient (faster), and cheaper transaction experience.

Other upgraded experiences to be enjoyed on Sponge V2 include the launch of a fully decentralized Play-to-Earn (P2E) game with significantly lower transaction fees. This is because MATIC transaction costs range from 0.1 and 0.5 MATIC ($0.077-$0.38), relative to Ethereum’s $2.5 to $20 range. The migration is a tune-up to significant on-chain savings.

It is also worth mentioning that decentralized holders have been asked to stake before the snapshot deadline. This will enable them to receive additional tokens through staking rewards. On the other hand, staked holders will be able to claim V2 tokens once the SPONGE V2 presale ends and the claim goes live through the SPONGE website.

Holders who do not stake will also be entitled to claim SPONGE V2 at a ratio of 1:1. Unstaked decentralized holders will be able to claim V2 tokens once the SPONGE V2 presale ends and the claim goes live through the SPONGE website.

The staking function is gaining ground, with stakers enjoying up to 226% in Annual Percentage Yields (APY). So far, over 7.143 billion SPONGE tokens have been staked.

Analysts rank Sponge V2 among the best meme coins to invest in for exponential gains. So, buy and stake $SPONGE today and it could set up your crypto portfolio for spectacular returns.

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