Jupiter (JUP) Price Eyes $1 After 14% Rise as Community Weighs Token Proposal

Key Takeaways

• 215M unused $JUP tokens may fund the ASR program.
• Proposal options include burning or returning tokens to the community.
• JUP price rose 14%, reaching $0.91 ahead of a key vote.

A new proposal suggests repurposing 215 million unused Jupiter (JUP) tokens from the ‘Jupuary’ airdrop for the Active Staking Rewards (ASR) program.

The plan aims to extend the ASR for another year to boost community engagement and reward active DAO participants. 

Other options include burning the tokens to reduce supply or returning them to the community multi-sig wallet. The proposal recommends supporting the ASR for long-term community growth, yet the vote is called for on Friday, Sept. 27.

Meanwhile, the price of the JUP token remained in an uptrend, rising 14% from Sept. 24 and reaching $0.91 at its highest point today. 

JUP Price Analysis

On April 1, JUP reached its all-time high of $1.85, marking the end of a strong uptrend that began in February at $0.45. After this peak, the price entered a prolonged downtrend, forming a descending triangle and dropping to $0.64 by July 5, 2024.

Following this low, JUP rebounded sharply, climbing over 91% to $1.22 by July 29. This rise followed a five-wave structure after breaking through the descending resistance, suggesting the possibility of a new bullish phase.

This was followed by a sharp 45% drop, but the price managed to hold above the July 5 low, stabilizing at $0.66 by Aug. 5.

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This level was retested as support on Sept. 6, leading to a high-momentum rebound of 34% measured to today’s high of $0.91.

With the recent breakout from the descending resistance, will the JUP price break the horizontal resistance and solidify our bullish projection? 

JUP Price Prediction

Analyzing the 4-hour chart and the wave structure, we can see the potential for the emergence of a new bull phase.

The downtrend from July 29 may represent a higher-degree wave two, forming a lower-degree ABC correction.

If this holds, wave three could follow, pushing the price upward and possibly surpassing $1.50.

However, as the price approaches its horizontal resistance, the next move will depend on the outcome of this interaction.

In a bullish scenario, the price would break through this resistance, aiming for a higher high of around $1.

A retracement would then be expected, establishing a higher low above $0.80, which would serve as a second key confirmation of the uptrend.

Should the price action unfold this way, we could anticipate a larger move toward the $2 area. On the other hand, if the price faces rejection at $0.88 and falls below the September 6 low, JUP may enter a more challenging period.

Read more: Jupiter Price Prediction 2024: JUP Price Analysis

About the Author

Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.

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