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The Jupiter price tumbled 6.45% in the last 24 hours to trade at $0.5181 as of 06:29 a.m. EST on trading volume that dropped 18.4% to $227 million.
The drop in the JUP price now represents a 66% plunge since its listing last week as analyst The Crypto Van on X suggests that the launch mechanics of the Solana token were misunderstood.
The $JUP situation has stirred up a mix of perspectives. The mechanics of this launch were misunderstood due to new dynamics. The substantial demand pushed $JUP to $0.7, a level that disrupted the usual price predictions. @JupiterExchange's DLMM price settings created a…
— The Crypto Van (@Vandogg) February 5, 2024
JUP is not the first token on Solana to experience a price retrace after a major airdrop. WEN experienced a similar scenario, dropping over 23% of its price shortly after the end of its airdrop campaign in January.
Solana's WEN coin takes a wild ride, plummeting 23% after a $35 million token burn from unclaimed airdrop tokens. The move cuts WEN supply, causing price fluctuations, now at $0.0001398. Solana's DeFi trading rises ahead of Jupiter token airdrop.
— BlockVoyager (@BlockVoyagerAIO) January 30, 2024
The current JUP price movements suggest an entry, with analysts suggesting that the price will hit $1 soon and that now may be the best time to buy.
Today’s $JUP price is not tomorrows
If you don’t buy SOON, you’ll buy at a higher price.
Retracement to the 78.6%. Orginally i thought it would bounce on the 61.8% but it didn’t.
A retracement to these levels means mass liquidity coming soon. pic.twitter.com/lZ2huNmkGc
— The Crypto Soup™️ (@goudas16) February 5, 2024
Jupiter Price On A Downtrend, Forms A Double Bottom Pattern
The Jupiter price is trading on a downward trajectory after experiencing a slight markup phase, where the bulls retested the $0.567 resistance mark before experiencing a challenge.
JUP has since dropped to form a double bottom pattern, with the $0.52 level playing as the critical support.
The Jupiter price is trading below both the 50-day and 200-day Simple Moving Averages, coinciding with the downward trend of the price.
The Relative Strength Index (RSI) is on a downward turn toward the 30-oversold level at 36, indicating intense selling pressure.
Additionally, the Moving Average Convergence Divergence (MACD) line is trading slightly below the signal line (orange), which indicates a possible price reversal. The histogram shows green bars increasing in height, which reinforces the bullish prospects.
The Average Directional Index (ADX) is at 25.72, suggesting a moderate bullish trend strength.
Jupiter Price Prediction
The current Jupiter price short-term technical analysis suggests that the market has bullish momentum, as affirmed by the formation of a double-bottom pattern. The bulls may use this footing as a cushion, driving the prices up to test the $0.5692 resistance level.
However, the ADX is still below 30 as it heads north, which may suggest the start of a strong trend, insinuating a likely rebound.
If the bears continue exerting pressure, the price may retrace back to the crucial support level of $0.45.
Meanwhile, as the JUP bulls look for an entry, Sponge V2 is emerging as a compelling presale with a promise of another 100x.
Especially with the Solana network down on Feb. 6, investors are shifting their focus away from meme coins on the Solana chain and directing their investments toward Ethereum projects like Sponge V2.
Solana seems to be down…Uh oh pic.twitter.com/mGDNuSuW6h
— gumshoe (@0xGumshoe) February 6, 2024
Buy $SPONGE V2 With 100X Possible Returns
Missed $SPONGE’s 100x surge last year? You still have an opportunity with Sponge V2 before it launches on major exchanges.
Important Information 🌟
The exchanges are getting ready to transition from $SPONGE V1 to V2!
Check out these articles below!
1️⃣ @bitgetglobal
👉https://t.co/by2YqzvyUp2️⃣ @Mex
👉 https://t.co/dMbCUvVuG7#SpongeV2 #Crypto #Web3 #Altcoins #MemeCoin pic.twitter.com/hHSWtAurPJ— $SPONGE (@spongeoneth) February 5, 2024
Sponge V1 saw a massive surge, hitting a $100 million market cap with over 13,000 holders, attracting major players in the industry, including Tron Founder Justin Sun.
Sun has shown interest in trading meme coins that show potential, which made him buy $SPONGE tokens now worth about $90,000. Sponge V2 aims to emulate this success and even more.
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
Sponge V1 was officially discontinued on Feb. 5, with $SPONGE holders being moved to the more secure V2 on the Polygon network.
📣 Attention, #SPONGERS!
Here is some important information to remember about $SPONGE V2!$SPONGE V1 has officially been discontinued, and V2 has been launched on #Polygon! 🔥
Learn more about the token details below 👇https://t.co/TCdxgXx40w
🧵1/3 pic.twitter.com/YZzXOlKmHY
— $SPONGE (@spongeoneth) February 6, 2024
Stake $SPONGE, Get Rewarded
After moving, the Sponge V2 token pumped 56%, and now gives investors an opportunity to earn an impressive 7,183% annual percentage yield (APY) by staking $SPONGE tokens.
Exciting news, #SPONGERS! 🌟🧽🧽#SpongeV2 is now live! Visit our website to buy and stake $SPONGE V2.
Check it out below! 👇https://t.co/nFOSl1ZCD9#MemeCoin #Web3 #Crypto #Altcoins #CryptoStaking pic.twitter.com/T4DCAKhcxF
— $SPONGE (@spongeoneth) February 6, 2024
Sponge V2 also brings about new features, with play-to-earn (P2E) gaming being at the forefront, to attract new investors and players.
The team is anticipating the release of “Sponge Racer,” a game that will come in both free and paid versions.
YouTuber Alessandro De Crypto, having invested in the project himself, believes that Sponge V2 can easily surpass the $100 million cap that was undertaken by Sponge V1.
https://www.youtube.com/watch?v=IAQPhjZUcgE
To join the presale, visit the official Sponge V2 website and link your digital wallet to swap your ETH or USDT for V2 tokens. You can also buy directly using your bank card.
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