TLDR
- Jupiter (JUP) token jumped 18% on Monday before cooling to 4% daily gains as Solana DeFi activity increased
- The rally was driven by Jupiter’s upcoming lending product launch, meme market revival, and Bitcoin’s breakout above $109,000
- Jupiter Lend will offer loan-to-value ratios up to 90% and fees as low as 0.1%, launching this summer
- Jupiter remains the second-largest DEX aggregator by volume, processing over $1 billion in daily trades
- Technical analysis suggests JUP could reach $1 if it breaks above its 200-day exponential moving average at $0.67
Jupiter’s native token JUP experienced a sharp rise on Monday, jumping as much as 18% during U.S. Memorial Day trading before settling at a 4% daily gain. The move made JUP one of the top performers among major altcoins as broader crypto markets rallied.
The price surge came after Bitcoin broke above $109,000, reaching an all-time high of $111,814 last week. Bitcoin currently trades at $109,003, down 0.2% in the past 24 hours according to CoinGecko data.
JUP Price
Jupiter recently announced plans to launch a new lending product called Jupiter Lend later this summer. The platform promises loan-to-value ratios up to 90%, well above the 75% average for crypto lending protocols.
Jupiter Lend will also feature fees as low as 0.1%. The announcement has generated increased interest in the JUP token among traders and investors.
Min Jung, an analyst at Presto Research, told Decrypt that the price spike was driven by multiple converging factors rather than a single catalyst. Jung pointed to the Huma Finance token sale, where Jupiter staking is rewarded, as one contributing factor.
The analyst also noted signs of recovery in the meme coin market. “On the macro front, meme markets are showing signs of a rebound, and Jupiter is well-positioned to benefit from that renewed momentum,” Jung said.
Market Position and Volume
Jupiter currently holds the position as the second-largest DEX aggregator in the cryptocurrency industry. The platform processes more than $1 billion in daily DEX volume according to DeFiLlama data.
Jupiter controls over a third of the DEX aggregator market share. Only 1inch, another DEX aggregator, surpasses Jupiter in market dominance.
DEX aggregators consolidate price data from multiple exchanges on specific blockchains. They provide users with optimal trading routes to ensure access to the lowest possible prices.
Jupiter operates exclusively on the Solana blockchain. The platform could potentially expand to support multiple other chains in the future.
Arjun Vijay, founder of Indian crypto exchange Giottus, highlighted Solana’s growing total value locked (TVL). Solana’s TVL has nearly doubled since April, rising from $11 billion to $20 billion.
This growth has corresponded with increased trading volume on Jupiter. Vijay contrasted Jupiter’s current rally with previous meme coin frenzies, noting stronger fundamental drivers.
Technical Analysis and Price Targets
Technical analysis suggests JUP is approaching its 200-day exponential moving average (EMA) at approximately $0.67. The daily price chart shows JUP’s bullish structure has remained intact during recent market pullbacks.
The Relative Strength Index (RSI) recently crossed above its 14-day moving average, indicating continued momentum. If the uptrend continues, analysts are watching for a potential “golden cross” pattern.
A golden cross occurs when the 21-day EMA crosses above the 200-day EMA. Previous instances of this pattern have produced mixed results for JUP.
One previous golden cross resulted in a bull trap followed by a downtrend. However, an earlier occurrence led to short-term gains of 40.5%.
If JUP achieves a golden cross breakout, the token could potentially reach nearly $1 per token. Conservative traders may wait for a retest to confirm entry points.
Short-term price action shows selling pressure around the $0.62 level. The price has retreated from these levels multiple times in recent weeks.
JUP has risen over 22% in the past week to $0.61 according to CoinGecko data. The token’s performance reflects renewed risk appetite among cryptocurrency investors.
