Jupiter Price Down 11% Following Massive Whale Sale– Could JUP Face More Downside?
JUP price is down over 11% since the recent high as on-chain data suggest whale sold a significant amount of tokens. Is JUP facing more downside?
Key Takeaways
- JUP recovered 91% since the July 5 market drop.
- Whales’ large JUP sales signal bearish sentiment.
- Potential correction phase with $0.87 support level.
Jupiter’s price trajectory has taken a dramatic turn in recent weeks. After bucking the trend of a broader market downturn on July 5, JUP’s price surged into a major uptrend, posting a remarkable 91% recovery.
However, this momentum was short-lived, as the price peaked at $1.22 on July 29 and has since declined by over 13%. Notably, this downturn has completely erased the previous uptrend’s gains, with the price now sitting just above its starting point.
This 100% retracement signals a potential shift in sentiment, and on-chain data suggests that large investors, or ‘whales,’ are exacerbating the price depreciation by dumping their JUP tokens.
Whale Sells JUP
On July 29, a JUP whale triggered a market reaction by selling over 202,473.53 JUP tokens, valued at approximately $221,276.74, at $1.093 per token. The sale sparked an 11% drop in JUP’s price.
The whale initiated a series of trades involving large quantities of JUP and WSOL tokens. They first transferred 404,947.058408 JUP (worth approximately $439,150.1) from one address to another.
Then, they swapped 202,473 JUP for around 1,217 WSOL on the Meteora DLMM Program and made a similar exchange on Orca.
Next, the large wallet traded significant amounts of WSOL for USDC, swapping 1,193 WSOL for 217,246 USDC and exchanging 1,242 WSOL for 225,962 USDC on Phoenix. Ultimately, the whale sold $439,150.1 worth of JUP for 443,209 USDC on Jupiter Aggregator.
JUP Price Analysis
After reaching an all-time high of $1.85 on April 1, JUP concluded its impressive uptrend that began in February at $0.45. However, the token then entered a prolonged bearish phase, forming a descending triangle pattern that ultimately led to a low of $0.64 on July 5, 2024.
Since the July 5 low, JUP has undergone a significant recovery, surging over 91% to reach a high of $1.22 on July 29.
Notably, this rebound appears to have followed a five-wave pattern, which is often indicative of a completed impulsive move. The subsequent downturn suggests that this recovery may have run its course.
If the recovery is indeed complete, JUP is likely entering a corrective phase – a bull market correction that will establish the first higher low. In this scenario, the price may target the significant horizontal support level at $0.87.
However, it’s essential to note that the price could potentially decline further without invalidating the possibility of another significant bullish phase beginning.
Jupiter DEX Marks $450 Million In Trading Volume — JUP Token Trading Sideways
