Jupiter Price Prediction: Solana Token JUP Drops Again As This New Solana Meme Coin!!

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The Jupiter price has plunged 7.3% in the last 24 hours to trade at $0.4819 as of 5:24 a.m. EST on trading volume that surged 49% to $155 million.

Since achieving its all-time high (ATH) of 0.0212 on Jan. 30, the Jupiter price has been on a downward trajectory, experiencing an 87% slump. This downturn comes as the Solana blockchain’s meme tokens, including new entrants like SMOG and Honk, are on a roll. Can JUP turn it around and join the fun?

Jupiter’s price has been cumulative over the weekend after the price decline in the 30-minute timeframe, leading to the formation of the bearish flag pattern. Furthermore, the 4-hour timeframe indicates a fall in price within the falling channel.

Bulls have encountered resistance at the $0.6 supply zone, giving control of the price to the bears, which they have capitalized on to drive the price down within the channel.

However, the bulls show resilience, rebounding within the channel at $0.4577 and managing to drive the price up, approaching the previous high at $0.0. A little push in the momentum could see the price jump over the channel, affirming a bullish rally for Jupiter’s price.

The price is currently trading below both the 50-day and 200-day Simple Moving Averages (SMAs).

Additionally, the Moving Average Convergence Divergence MACD line blue indicates support for the ongoing downtrend as it trades just below the signal line orange.However, the Relative Strength Index (RSI) is rebounding from below the 30-oversold region, sitting at 31 and trending upward. A continued push should see the RSI surpass the 50 midline level.

the falling channel pattern amplifies the bearish movement, forcing the price into a downtrend. However, there are indications of a potential buy move to the channel’s upper boundary at $0.5344 in the short term, However, as JUP’s value continues to decline, a new contender on the Solana blockchain is transforming the scene with notable advancements.