Jupiter (JUP), a decentralized exchange in the Solana ecosystem, has begun to show signs of recovery following the recent decline.
JUP, which lost value on December 9, when the crypto market experienced a sharp decline, has been showing positive signs in recent days. JUP, one of Solana’s prominent altcoins, has reached the lower levels of an ascending channel. AMBCrypto emphasized that the bottom area supported by Bollinger Bands indicates a trend reversal.
According to the analysis, it seems possible that the JUP will start to recover.
Jupiter (JUP) Analysis$JUP
Technical indicators are giving bullish signals for Jupiter (JUP), according to AMBCrypto’s review.
The Accumulation/Distribution indicator and increasing purchasing activity may be a sign of an upward movement. The analysis included the following statements:
“Accumulation and heightened sentiment could help JUP rally. This rally could allow it to recover losses from the past period.”
Trading within an ascending channel, JUP has dropped to $1.01 and is showing a positive reaction at this level. If the trend continues, the price is expected to rise further.
According to the prepared charts, if the positive momentum continues, the price of JUP may rise to $ 1.46. If the resistance level of the channel is exceeded, the resistance at $ 1.6 may be tested.
According to AMBCrypto, in the event of a possible rally, JUP could gain over 40 percent.
The following evaluations were made in the analysis:
“JUP’s approach to support suggests that the asset is heavily sold off. Selling pressure is expected to ease and a potential recovery is expected to begin.”
The analysis noted that if buying appetite increases, limited supply on exchanges could create high demand, contributing to the rise of JUP.