- JUP broke past key resistance at $0.585, confirming a bullish inverted head and shoulders pattern.
- Traders have opened $4.93M in long positions, eyeing a rally toward the $1 mark.
- Jupiter’s DeFi expansion, including Jupiter Lend, strengthens bullish sentiment.
Jupiter (JUP) has recently captured the attention of crypto traders with a powerful 18% rally that pushed it above the critical resistance level of $0.585. This move not only broke a stubborn horizontal ceiling but also triggered a breakout from a bullish inverted head and shoulders pattern — a technical setup often signaling strong upward momentum. With JUP now trading near $0.61, market watchers are asking: could this be the beginning of a surge to $1?
$5M in Bullish Bets Fuels the Rally
According to data from Coinglass, bullish sentiment is growing rapidly. Traders have opened long positions worth nearly $4.93 million at the $0.578-level, betting that the support will hold. On the flip side, there are $691k worth of short positions at $0.626, indicating potential selling pressure around that zone.
However, no major resistance appears beyond this range, leaving the door open for an extended rally — especially if JUP maintains daily closes above $0.61. Analysts suggest that a successful close could push JUP as high as $1, with a potential hurdle around the $0.76 level.
Jupiter Lend and DeFi Expansion Add Bullish Tailwinds
Adding to its bullish case is Jupiter’s entry into the DeFi space. The platform’s plans to launch Jupiter Lend, along with its collaboration with Fluid, aim to challenge existing players in the decentralized lending sector. These developments could support JUP’s rally by attracting long-term interest and capital inflows.
Still, there are reasons to remain cautious. On-chain data reveals that $3.77 million worth of JUP tokens recently moved to exchanges — a possible sign of profit-taking by investors. If JUP fails to sustain momentum and closes below key support levels, a 15% pullback to $0.468 could follow.
Outlook: Bullish, But Watch Key Levels
In summary, Jupiter’s price outlook is bullish with a realistic shot at $1, but only if it sustains above $0.61. As interest in its DeFi offerings grows and long positions build, JUP could be on the verge of a major breakout — or a sudden reversal.
Also Read: Stellar (XLM) Price Teeters at $0.28 as Market Volatility Rises
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
