Will Solana's favorite altcoin JUP rise?

Jupiter ($JUP ), a decentralized exchange in the Solana ecosystem, is showing signs of a potential recovery after its recent decline.

JUP, which lost blood on December 9 when the crypto market experienced a sharp decline, has been giving positive signals in recent days. JUP, one of Solana's favorite altcoins, reached the bottom levels of an ascending channel. AMBCrypto stated that the bottom area supported by Bollinger Bands indicates a trend reversal.

According to AMBCrypto's analysis, technical indicators are bullish for Jupiter (JUP).

Accumulation/Distribution and increased buying activities signal a possible upward movement. The analysis included the following statements;

"Increased accumulation and improved sentiment could cause JUP to rise. This rise could pave the way for the losses of the past days to be erased."

JUP, which is trading within an ascending channel, fell to the potential support level of $ 1.01. The analysis suggested that JUP gave a positive reaction at the $ 1.01 support and that the rise would intensify if the trend continued.

According to the prepared chart, if the positive momentum is maintained, the JUP price could rise to $ 1.46. If the resistance level of the ascending channel is broken, the resistance at $ 1.6 could be tested.

According to AMBCrypto, a possible rise could provide a gain of over 40 percent in JUP.

The analysis noted the following; “JUP’s approach to the potential support point indicates that the asset is experiencing excessive selling. It is predicted that the selling pressure may weaken and a potential recovery may begin.”

According to the analysis, if the buying appetite increases, the limited supply on the exchanges may create higher demand and this situation may cause $JUP to rise.

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