Jupiter (JUP) Gains Momentum Following Major Announcements: Is More Rally Ahead?

Date: Sat, Jan 25, 2025, 05:47 PM GMT

In the cryptocurrency market today, where major altcoins are facing significant declines, Jupiter, a leading decentralized exchange (DEX) on the Solana blockchain, is stealing the spotlight with its native token, JUP, which has made impressive gains of over 17% in the last 24 hours.

Source: Coinmarketcap

The rally is primarily driven by the major announcements coming from Catstanbul, Jupiter’s first-ever conference held in Istanbul, Turkey. Highlights from the event include:

1.Acquisition of Moonshot

Jupiter has acquired a majority stake in Moonshot, a meme coin launchpad that recently topped the finance app rankings on the US Apple App Store following the TRUMP meme coin launch. This acquisition strengthens Jupiter’s position in the rapidly growing meme coin ecosystem.

Source: @weremeow (X)

2.Integration of SonarWatch

Jupiter also announced its acquisition of SonarWatch, aiming to create the ultimate Solana portfolio tracker. This integration is expected to enhance the user experience by providing comprehensive tools for managing Solana-based assets.

Source: @JupiterExchange (X)

3.Introduction of Jupnet

Jupiter revealed Jupnet, its initiative to build an omnichain network that aggregates liquidity across multiple blockchains. Currently in early testnet, Jupnet aims to enable seamless transactions with a single wallet, offering enhanced security, speed, and interoperability. The public beta is highly anticipated and could revolutionize cross-chain liquidity.

Is More Rally Ahead?

From a technical standpoint, Jupiter (JUP) is consolidating within a symmetrical triangle pattern, a formation that often precedes significant price movements. After testing the lower support of the triangle around the $0.80 level, JUP has made a strong rebound and is currently trading at $1.00.

Jupiter (JUP) 1D Chart/Coinsprobe (Source: Tradingview)

As momentum builds, JUP could approach the upper resistance of the triangle near the $1.25 level. The MACD indicator is currently showing bullish divergence, with the signal line crossing above the histogram. This suggests increasing buying pressure, which could lead to a breakout if sustained.

If JUP manages to break above the $1.25 resistance level with strong volume, it might pave the way for further gains toward the $1.84 mark and beyond. However, traders should remain cautious as symmetrical triangles can also break downward if the broader market sentiment shifts.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before investing in cryptocurrencies.