JUP price forecast: analysts say it could be a reflection of SOL -CoinJournal
JUP price retested a key resistance line after bouncing above 1.
cryptocurrency miners at Rekt Capital believe that exceeding the support level will help the "bulls" rise.
With #Solana nearing all-time highs above 240, a crypto analyst at Rekt Capital believes that #Jupiter (JUP) could follow suit.
1 (UPI) - The native token of decentralized exchange aggregator (DEX), which is considered a key player in the Solana ecosystem, is attracting attention for its potential.
"Jupiter successfully tested the previous resistance area (red) and was able to turn it into new support. In fact, #JUP also retested volatility to the resistance level of the blue multi-month diagonal. Stability remains here and JUP could follow #SOL , the analyst wrote on X 18.11.
Here is a chart shared by analysts showing possible support levels for JUP on a weekly timeframe.
earlier, analysts highlighted JUP's bullish weekly close above 1.10 on Jan. 18. Rekt Capital noted that the price is "showing early signs of support.
needs to form a base in the red zone to ensure a move beyond the trend at 1.29 (black).
In the 11th month out of 17, the altcoin rose above May's 1.30 and reached a high last seen on May 5. Profit-taking trade has taken JUP down to 1.20, but sentiment suggests a rebound is imminent. At the time of writing, the JUP is above the psychological mark1 and has bounced off the 5-month low of l1.04 to retest the marked level.
an incursion into the supply zone means that a broader increase in market momentum could see buyers targeting the all-time high of $ 2.00 reached in March 2024.
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