Over the past week, I’ve watched Jupiter command headlines as its price has gained nearly 14%. This has come following news around its predictions market beta launch. What’s fueling this momentum? For one, Jupiter’s Q3 revenue soared to $45 million, and the team’s proposed burn of 121 million JUP tokens that’s worth about 42 million.
Layer on top the anticipation for Jupiter’s new ICO platform launch on Solana this November. Now, it’s clear why short-term and long-term investors alike are keeping a close eye on this project.
As I look closer at the charts, the technical landscape supports the bullish narrative while flashing some caution. JUP price just powered above its 7-day SMA of $0.358 and cruised past its 24-hour pivot at $0.387. Volume is up 133% to over $84 million, confirming bulls are lining up after the predictions market beta launch.
Digging deeper into technicals, the MACD recently turned positive, hinting at upward price continuation. While the RSI reading at over 71, warns that a pause or pullback could be near as buying becomes heated. Critically, resistance at $0.41 lines up with the Fibonacci 23.6% retracement. Further marking a level to watch for potential profit-taking or a bullish continuation toward $0.43. If JUP fails to hold its momentum, the $0.37 support remains key.
Looking ahead, much depends on whether Jupiter can convert this trading surge into lasting growth. I’m closely monitoring not just chart levels but also the upcoming staker governance and Solana TVL trends, which could dictate whether this rally has legs or stalls out with the next wave of profit-taking.
Jupiter’s price jumped after Q3 revenues hit $45 million and the project announced a token burn. Boosted further by excitement over its new predictions market beta and upcoming ICO platform on Solana.
Momentum looks strong as long as JUP holds above $0.41, but overbought conditions and upcoming resistance may trigger pullbacks.
Keep an eye on whether JUP closes above $0.41 resistance. Progress on the token burn vote, governance plans for stakers, and Solana DeFi trends will all play a role in shaping future price action.
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