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JTO and JUP Take Charge in Solana Ecosystem Rebound – PYTH Struggles Near Previous Lows

Last Updated May 7, 2024 9:41 AM
Valdrin Tahiri
Last Updated May 7, 2024 9:41 AM
By Valdrin Tahiri
Verified by Peter Henn

Key Takeaways

  • JUP has increased nearly 100% in the past month, bouncing at the previous all-time high.
  • JTO is following a long-term support trend line and broke out above a short-term resistance.
  • PYTH is lagging behind well behind, having fallen over 10% in the past 30 days.

JUP and JTO have been the two best performing Solana tokens with the exception of memecoins. Before, PYTH’s price movement mirrored that of other Solana ecosystem tokens, forming a trio with similar trajectories.

This has all changed in the past month, since JUP and JTO have created higher lows and bullish structures, while PYTH is struggling to maintain its previous lows. This could be the beginning of a decoupling period where JUP and JTO leave PYTH behind.

JUP Increases Toward Resistance

The JUP price has increased since completing an A-B-C corrective structure on April 15. Then, it finished a double bottom pattern in the beginning of April and started its upward movement.

Besides being a bullish pattern, the double bottom was combined with bullish divergences in both the RSI and MACD.

Trading Range
JUP/USDT Daily Chart | Credit: TradingView

Since then, JUP has increased significantly. It has nearly moved above the peak between the two bottoms, in turn confirming the bullish pattern. If the increase continues, JUP can reach the next resistance at $1.50. The reaction once it gets there will determine if the price moves to a new all-time high or gets rejected instead.

In regard to the other two Solana ecosystem tokens, JUP is comfortably leading the way.

Movement Comparison for April
Custom Daily Chart | Credit: TradingView

In the past 30 days, the JUP price (blue) has increased by nearly 100%. Conversely, JTO has increased by 40%, while PYTH has fallen 10%. In fact, PYTH is very close to its May lows, having failed to initiate an upward movement altogether.

This confirms that PYTH has decoupled from the other two and might not follow them in their increase toward new highs.

JTO Attempts Breakout

The JTO price action is bullish. Its relative underperformance compared to JUP can be explained by the $3.80 resistance area. Despite breaking out from its resistance trend line, JTO is struggling to move above this resistance (red circle).

The daily RSI & MACD support this possibility, since they are both increasing and reclaimed their main resistances. The RSI crossed above 50 while the MACD crossed into positive territory (green circle).

JTO Price Prediction
JTO/USDT Daily Chart | Credit: TradingView

If JTO closes above $3.80, there is no resistance until the all-time high. So, it will be possible for the price to accelerate its rate of increase and quickly reach a new all-time high.

JTO and JUP Lead Solana Ecosystem Resurgence – Why is PYTH Left Behind?

JUP, JTO and PYTH are the top-performing Solana tokens in 2024, excluding memecoins. Since April 13, this performance is visible in both the JUP and JTO bounce. However, PYTH lags behind.

Interestingly, PYTH was the first out of the three to reach its all-time high but has failed to meet expectations since. Will this pattern continue in the recovery, or will PYTH start catching up soon?

JUP Creates Bullish Pattern

JUP has fallen since reaching an all-time high price of $1.85 on April 1. The downward trend led to a low of $0.75 on April 13. Then, the ensuing bounce created a long lower wick (green icon) and validated the $0.85 area as support. This same area previously acted as the all-time high resistance.

On May 1, JUP created a higher low and a double bottom, considered a bullish pattern. This aligns with the bullish retest of the previous all-time high.

Furthermore, the daily RSI generated a bullish divergence (green), reinforcing the pattern. A similar divergence is visible in the MACD’s histogram, though not in the actual MACD.

JUP Price Double Bottom Pattern
JUP/USDT Daily Chart | Credit: TradingView

The decrease since the all-time high resembles an A-B-C corrective structure (black). Since the ensuing increase (highlighted) is also a three-wave structure, it insinuates the JUP price is still in a correction.

Nevertheless, a relief rally toward the closest resistance at $1.45 is likely because of the bullish pattern and indicator readings. Afterward, another downward movement could follow.

JTO Price Bounces at Long-Term Support

The JTO  price has increased alongside an ascending support trend line since the start of the year. While doing so, it reached a new all-time high price of $5.33 on April 3. However, JTO has fallen since.

Despite the decrease, the JTO price bounced at the aforementioned ascending support line but did not break out from the $3.80 horizontal resistance area (red icon).

Nevertheless, JTO bounced at the trend line again on May 1, created a bullish hammer candlestick (green icon) and broke out from a short-term descending resistance trend line (dashed). This is a sign that the short-term correction has ended. After breaking out, JTO made another attempt at moving above the $3.80 resistance (red circle).

JTO Price Bounces at Long-Term Support
JTO/USDT Daily Chart | Credit: TradingView

The daily RSI and MACD both support this possibility. The RSI just moved above 50 while the MACD made a bullish cross (green circle).

If the JTO price breaks out above the $3.80 area, it can increase to the all-time high of $5.33. However, a rejection can trigger another drop to the ascending support trend line at $3.

Can PYTH Catch-Up?

Unlike the other Solana ecosystem tokens, the PYTH price has not started its upward trend yet and is very close to its April lows. Despite this lack of strength, the price still trades above the all-time high resistance of $0.50.

Furthermore, both the RSI and MACD have generated bullish divergences, supporting a similar double bottom pattern to JUP. As a result of the pattern and bullish readings, it is possible PYTH will increase by 35%, reaching a descending resistance trend line at $0.70. However, the trend cannot be considered bullish until the price breaks out.

PYTH Price Compared to JTO & JUP
PYTH/USDT Daily Chart | Credit: TradingView

In relation to JTO (orange) and JUP (blue), it is evident that PYTH has underperformed since the start of February. This was first noticeable in the beginning of April (red), when PYTH created a lower high, while both JTO and JUP created higher highs.

It seems that the same has happened in relation to the April 13 decrease, when both JTO and JUP created higher lows while PYTH has nearly made a lower low. So, it is possible to say that the PYTH price has decoupled from JUP and JTO.

JUP & JTO Expected to Outperform PYTH

To conclude, the underperformance of PYTH has been happening since the start of March. The lack of strength in the recovery further underscores it. So, it is possible that JUP and JTO will increase at a much faster rate than PYTH in the upcoming weeks, possibly reaching new highs while the latter struggles with resistance.

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