Jupiter (JUP) Rises 10% Following SolanaFM Acquisition Announcement
JUP price jumps over 10% on the SolanaFM acquisition news. Will this be enough to ignite a major rally?
Key Takeaways
- Jupiter acquired SolanaFM and Coinhall for infrastructure enhancement.
- Jupiter plans to launch a zero-fee mobile app.
- JUP’s next pivot point is at $0.88.
Jupiter, a decentralized exchange aggregator on Solana, saw a 10% price surge following the announcement of its acquisition of SolanaFM and Coinhall during the 2024 Solana Breakpoint conference.
The acquisitions are expected to significantly enhance Jupiter’s data and infrastructure capabilities. Additionally, Jupiter plans to launch a mobile app with zero platform fees to simplify Solana usage. Meanwhile, Solana (SOL) also experienced a 9% price increase, surpassing the $150 mark.
JUP Price Analysis
On April 1, JUP reached an all-time high of $1.85, concluding a strong uptrend that began in February at $0.45. Following this peak, JUP entered a prolonged bearish phase, forming a descending triangle pattern and dropping to $0.64 by July 5, 2024.
After hitting that low, JUP rebounded, rising over 91% to $1.22 by July 29. This increase followed a five-wave pattern after the price broke through the descending resistance, signaling a potential start of a new bullish phase. However, the price later declined sharply by 45%, but it managed to hold above the July 5 low, stabilizing at $0.66 by Aug. 5.
This level was retested once more on Sept. 6, proving it serves as support and leading to a high momentum upturn. Did we finally see a new bullish phase with its recent breakout from the descending resistance?
JUP Price Prediction
Looking at the 4-hour chart and analyzing the wave structure, one can see that there is still potential for a new bull phase. The downtrend from July 29 could be the higher-degree wave 2, counted as a lower-degree ABC correction.
If this is the case, wave 3 could follow, pushing the price higher, potentially above $1.50. However, as the price approaches its horizontal resistance of around $0.88, we will see what happens in the interaction.
In the bullish scenario, it should continue moving above it, making a higher high of $1. A retracement should follow, resulting in a higher low above $0.80, the second significant confirmation of the starting uptrend.
Should the price action develop this way, we can anticipate a larger price rise, leading to the $2 area by the end. However, if the price gets rejected at the $0.88 resistance and falls to its low on Sept. 6, JUP will face a more challenging period.
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