JupiterAirdrop

As the cryptocurrency market enters a new month, several major altcoins are exhibiting signs of stabilization following a significant sell-off in February, which came on the heels of the November rally. Among the notable assets, Jupiter ($JUP ) and Toncoin ($TON ) have endured substantial corrections of 25% and 31%, respectively, over the past 30 days. Despite this downturn, both cryptocurrencies are showing resilience at crucial support levels, raising the possibility of a recovery in the weeks ahead.

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Jupiter (JUP) Technical Analysis

The weekly chart for Jupiter (JUP) reveals that the asset has been trading within a prolonged descending triangle pattern for over a year. The recent downturn, which commenced in early December following a rejection at $1.44, has deepened the correction, driving the price to a critical support zone.

Key Observations:

Support Test: Last week, JUP tested a significant support level around $0.63, aligning with historical demand zones. Despite prevailing bearish momentum, buyers managed to defend this level, resulting in a slight rebound. The asset is currently trading at approximately $0.76.

Moving Average Resistance: The immediate challenge for JUP is to break above the 25-day moving average (MA). A successful breakout at this level could signify a shift in momentum from bearish to bullish.

Potential Upside: Should JUP maintain upward momentum, a retest of the descending triangle's upper boundary, situated between $1.10 and $1.20, could be possible.

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Toncoin (TON) Technical Analysis

In contrast to JUP, Toncoin (TON) has been moving within a broader ascending channel since the 2021 bull market. However, a rejection from the channel's upper boundary at $8.28 in mid-2024 triggered a sharp correction.

Key Observations:

Support at Lower Boundary: In February, the sell-off pushed TON’s price down to $2.99, where it successfully found support at the channel's lower boundary. The subsequent rebound has lifted the price to $3.33, with the 150-day MA acting as a crucial support level.

Resistance Challenges: The next significant hurdle for TON is the 100-day MA. A decisive move above this level could confirm renewed bullish momentum and potentially drive the price towards its previous range highs.

Upside Potential: If TON manages to break above the identified resistance levels, it could open the door for a substantial recovery rally.

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Momentum Indicators: A Shift in Sentiment?

The MACD indicators for both JUP and TON are beginning to flatten, which could suggest a potential weakening of bearish momentum. If this trend continues, it may reinforce the possibility of a bullish reversal for both assets.

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Final Thoughts

Jupiter (JUP) and Toncoin (TON) have demonstrated resilience by defending key support levels amid a challenging market environment. Although both assets remain confined within their respective long-term patterns, a breakout above critical resistance levels could signal the beginning of a recovery phase.

Traders should monitor key technical levels closely, including moving averages and MACD signals, while also keeping an eye on broader market sentiment. As always, a cautious and well-informed approach is essential for navigating the volatile cryptocurrency landscape.

Two leading Solana ecosystem tokens, Jupiter ($JUP ) and Raydium ($RAY ), have experienced significant declines earlier this week, bringing them to critical support levels. However, both tokens have since rebounded, indicating a potential recovery from their recent market corrections.

Jupiter (JUP) Technical Analysis

A review of Jupiter's weekly chart highlights a prolonged descending triangle pattern that has shaped its price action over the past year. Following a rejection from the upper trendline in early December, JUP extended its correction phase, pushing deeper into support levels.

Key Technical Levels:

The recent decline led JUP to test a crucial support zone at $0.67.

Buyers defended this level, prompting a rebound to approximately $0.78 at the time of writing.

The first resistance level to monitor is the 25-week Simple Moving Average (SMA).

A successful breakout above this resistance could confirm a bullish shift, potentially driving JUP toward the upper trendline of the descending triangle, between $1.10 and $1.20.

Raydium (RAY) Technical Analysis

Raydium (RAY) is currently consolidating within an ascending broadening wedge pattern, which is traditionally a bearish technical structure. The token faced a sharp correction starting January 23, following a rejection at $8.67, which drove prices lower.

Key Technical Levels:

RAY tested its lower trendline support at $4.31 before finding strong buying interest.

This level held firm, leading to a price rebound to around $4.66.

The next major resistance to watch is the 100-day SMA.

A decisive breakout above this level could signal an uptrend continuation, potentially pushing RAY toward the upper resistance trendline of the wedge, indicating a possible rally of over 100%.

Market Outlook and Considerations

Both Jupiter (JUP) and Raydium (RAY) have successfully defended key support zones, displaying early signs of recovery. While JUP remains confined within a descending triangle, a breakout above its resistance levels could mark the beginning of a strong bullish phase. Similarly, RAY’s price action within its broadening wedge pattern suggests cautious optimism, with a confirmed breakout potentially leading to a substantial rally.

Despite these positive signals, traders should exercise caution and look for further confirmation before entering positions. Monitoring key resistance levels and market momentum will be essential in determining the next directional move for both assets.