Key Notes
- Jupiter's TVL stands at $2.51 billion.
- Active users dropped 9% in 24 hours, while trading volume fell 29% to $3.23 billion.
- A death cross between the 50 and 200 EMA lines signals continued bearish pressure.
- Bullish reversal from $0.70 increases the chances of a recovery to $1.
With Solana and Solana-based coins gradually recovering after the recent meme coin controversy, Jupiter is making headlines. With a 4.44% intraday rise, Jupiter price JUP $0.78 24h volatility: 9.2% Market cap: $2.05 B Vol. 24h: $309.62 M action hints at a new Morning Star pattern, sustaining dominance above the $0.70 mark.
This short-term reversal in Jupiter aims to regain the bullish trend. However, the breakdown of the crucial $0.77 support zone warns of a post-reversal pullback.
Jupiter’s Recent Downtrend Rejection at $1
In the daily chart, the JUP price action reveals four consecutive bearish engulfing candles. The downfall resulted in a 25% pullback from $0.95 to $0.71. If Jupiter can successfully reclaim the $0.77 level, it could signal the beginning of a new bullish rally. Furthermore, it might show potential to challenge the $0.95 mark.
The bearish reversal came after facing an overhead rejection near the $1 psychological mark. Furthermore, it coincided with the meme coin controversy within the Solana ecosystem.
As Solana memecoins still struggle for a bullish uprising, Jupiter is bouncing off from the $0.711 support level. However, the increased bearish influence has resulted in a death cross event between the 50 and 200 EMA lines.
Furthermore, the 100 and 200 EMA lines are on the verge of giving another bearish crossover, completing a full bearish alignment. Despite multiple bearish crossovers, the short-term reversal results in an uptick in the daily RSI line within the nearly oversold region.
Parallel Channel Indicates Possible Recovery
In a recent X post, Ali Martinez, a crypto analyst, highlighted a parallel channel in Jupiter’s price action. The lower band of the parallel channel is at $0.69.
#Jupiter $JUP is approaching a critical support level at $0.69, which could provide the foundation for a rebound toward $1! pic.twitter.com/AZBqH9FDAc
— Ali (@ali_charts) February 20, 2025
As per the current price action, the JUP token price has made a bullish reversal, increasing the chances of a potential comeback towards the $1 psychological mark. On the flip side, the crucial support levels for Jupiter remain the $0.71 horizontal level and the $0.65 psychological mark.
Jupiter’s TVL Market Performance
Jupiter holds a total value locked (TVL) of $2.51 billion. Since the start of 2025, the TVL of Jupiter has been fluctuating near this crucial level.
This marks a short-term pullback from its all-time high TVL of $2.922 billion recorded on January 23. With the massive TVL, the 24-hour JUP total volume stands at $3.24 billion.
However, this marks a 29% drop over the total 24-hour volume. Furthermore, active users have declined by 9% over the past 24 hours and now stand at 392,926 active users.
Meanwhile, the total transactions over the DEX are close to 18.5 million. Overall, the numbers reflect a pullback phase. However, despite the bearish pressure, Jupiter’s ability to hold above the $0.70 mark suggests underlying strength. This could act as a catalyst as a potential market recovery due in coming weeks.
nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
