Jupiter Coin’s Surge: What Drives Its Rising Popularity?

Recently, the Solana $176-based swap platform Jupiter (JUP) has captured significant attention in the cryptocurrency market. The price of JUP coin experienced nearly a 25% increase in the last 24 hours, testing the $1.2 mark, with daily trading volume surpassing $1 billion. With a market capitalization exceeding $2 billion, JUP is preparing to enter the ranks of the top 50 cryptocurrencies. This surge can be attributed to strategic moves and technical improvements announced by the team.

Reasons Behind Jupiter’s Ascent

The drastic rise in JUP’s price is fundamentally supported by significant updates announced by the project team in recent weeks. Firstly, the platform revealed plans to initiate a $50 million JUP coin buyback using 50% of its 2024 revenue. This maneuver has heightened expectations regarding a reduction in supply. Additionally, it was announced that a significant portion of the total supply, 3 billion JUP coins, will be burned.

Moreover, investments were made in Moonshot to expand the Jupiter ecosystem, and the Jupnet network was launched. The project also aims to accelerate technical developments within the Solana ecosystem by creating a $10 million artificial intelligence fund in collaboration with Eliza Labs. All these initiatives have renewed investor confidence in the project while fueling buying pressure.

Can JUP Coin Reach New Price Heights?

The price chart of JUP coin is signaling strong technical indicators. Since January, the altcoin has maintained the $0.8 level as support and has risen from that point. In the short term, testing the $1.3 resistance is anticipated, and if surpassed, projections suggest the price could reach the $1.37-$1.39 range.

The 50-day moving average is poised to cross above the 200-day average. This “Golden Cross” signal indicates that the upward trend is likely to continue. The Chainlink $16 Money Flow indicator exceeding the “0” level also suggests an increase in market participation. All these factors promise hope for investors targeting a $2 goal for JUP.