The native token JUP of the Solana-based decentralized exchange Jupiter has shown a sharp rise in the past few weeks. It is currently trading at $1.01, up 25% over the past month.
According to the technical and on-chain setup assessment by BeInCrypto, the rally is likely to continue. This analysis highlights the price targets that JUP holders should pay attention to.
Gained 25% in the last 30 days... Strong momentum
The double-digit rise of JUP over the past month has pushed the price above the Ichimoku Cloud. This is a key indicator used to track the market trend momentum of an asset and identify potential support/resistance levels.
When the asset price stays above the cloud, it indicates a strong uptrend, with buyers in control and a positive market sentiment. The price of JUP has remained above the cloud on the daily chart since October 18, indicating potential support levels.
Read more: 11 Solana Memecoins to Watch Out for in October 2024
This suggests that the token's price is likely to find support near the cloud, despite minor corrections. Additionally, JUP's Aroon uptrend has reached 100%, confirming the strength of the current uptrend.
The Aroon indicator measures the direction and momentum of a trend, and a 100% reading on the uptrend indicates the asset has recently recorded a new high. In the case of JUP, this is a 30-day high.
This 100% reading is a strong bullish signal, indicating the upward momentum is solid. Traders interpret this as a confirmation that buyers are dominant, making further price increases more likely in the near future.
6-month high at $1.38... Will it break $1.09 resistance?
Currently, JUP is trading at $1.01 and is approaching a key resistance level of $1.09. If the buying pressure persists, JUP could break through this resistance and target the next important barrier at $1.23. A successful breakout would aim for the 6-month high of $1.38.
Read more: Solana ETF Explained: What It Is and How It Works
However, if profit-taking occurs, JUP could lose its recent gains and fall to the support levels of $0.90 and $0.86 within the Ichimoku Cloud. A breakdown of these support levels could see the altcoin plummet to the July 5 low of $0.63.
