Jupiter (JUP) Tops Crypto Daily Gainers With 18% Surge — $1 Move Likely

Key Takeaways

• Jupiter’s price surged 18% in 24 hours, hitting its highest price since March 7 and crossing $100 million in trading volume.
• Wallets holding at least $10,000 JUP rose from 12,233 to 12,251, suggesting accumulation that could drive the price higher.
• JUP’s Open Interest jumped from under $60 million during the weekend to almost $100 million — a sign of rising capital inflow.
• The MFI trends upward and Supertrend shows strong support, with both pointing to a potential breakout above $0.67.

JUP, the native token of Solana-based decentralized exchange (DEX) aggregator, has outperformed every other crypto in the top 100. In the last 24 hours, the Jupiter crypto price climbed by 18%.

As a result, the altcoin has hit its highest level since March 7. Alongside the price increase, JUP’s trading volume has also surpassed $100 million, indicating notable interest in the cryptocurrency.

Given this trend, here is why JUP’s price might continue climbing.

Jupiter Bulls Seize Control From Consolidation

The Jupiter crypto price increase took the altcoin from $0.54 on Sunday to $0.61 today. From CCN’s findings, key stakeholders seemed to play a role in this hike.

According to Glassnode, the number of addresses holding at least 10,000 JUP was 12,233 on Saturday, May 24. As of this writing, that number has increased to 12,251.

This development means that holders have accumulated at least an extra 180,000 JUP tokens within the last two days. Typically, when this happens, it adds upward pressure to the cryptocurrency’s price.

On the other hand, when the number of holders holding such a substantial figure drops, it indicates selling pressure. Therefore, if this trend continues, JUP’s price is likely to rise higher than $0.61.

Open Interest Rises

Beyond the rise in the number of holders who own at least 10,000 JUP, the Open Interest (OI) also climbed. OI refers to the sum of the value of all open contracts in the market.

When it increases, it means traders are adding more capital to the derivatives market while driving buying pressure higher. On the other hand, a decline in the OI signifies reduced exposure to a cryptocurrency.

Over the weekend, JUP’s OI was below $60 million. According to Santiment data, the figure is now close to $100 million.

From a trading perspective, the rise in the OI alongside the increase in the Jupiter crypto price indicates strength to the upside. Therefore, if the OI value continues to surge, then JUP’s price might also follow in the same direction.

JUP Price Analysis: $1 Looms

From a technical standpoint, the daily chart shows that JUP’s price has been hitting higher lows and higher highs. Amid this move, the Money Flow Index (MFI) has risen above the signal line.

The rise above the signal line indicates rising buying pressure. In addition to that, the green line of the Supertrend is below the altcoin’s market value.

If the red line of the Supertrend had been above Jupiter’s crypto price, it would have indicated resistance. Since the green line is below it, it indicates strong support.

Should this trend continue, JUP might experience a spike above the upper level resistance at $0.67. If validated, the next target for the cryptocurrency might be a rally to $0.90 at the 0.382 Fibonacci level.

In a highly bullish scenario, JUP’s price might climb and retest the $1 psychological level. On the contrary, if selling pressure increases, the altcoin might fall below the lower trendline of the ascending channel, and this could drive JUP below $0.50.