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Solana

Jupiter

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The post <a href="https://coinpedia.org/price-analysis/how-strong-is-the-jupiter-jup-trend-reversal-will-it-settle-above-1/">How Strong Is The Jupiter (JUP) Trend Reversal? Will It Settle Above $1?&nbsp;</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
<ul> 
 <li>Jupiter, the JUP token is up 12.5% since the 30% supply burn proposal update released.&nbsp;</li> 
 <li>Nearly 5% Surge in the Total Value Locked( TVL)</li> 
 <li>JUP Struggling to break the downward bearish channel after retesting the crucial support zone.&nbsp;</li> 
</ul> 
Jupiter, the Solana network decentralized swap platform, is recovering from a long-term bearish trend. JUP on Thursday is making waves in the crypto space by being on the Coinpedia market top gainers list, the token burning announcement, and increasing on-chain activity of the exchange and token.&nbsp; 
<a href="https://markets.coinpedia.org/jupiterr/">Jupiter JUP </a>at the writing is $0.8273 with a 24-hour growth of 12.5% followed by a short-term bullish trend.&nbsp; 
<h2 class="wp-block-heading" id="h-30-supply-proposal-wakes-up-bulls">30% Supply Proposal Wakes Up Bulls</h2> 
Jupiter (JUP) has a total supply of 10 Billion JUP, of which the developers have proposed to burn 30%( 3 billion) JUP tokens, worth $2.47 billion. The proposed burning is said to be considered from the team allocations, wherein the top 10 holders hold 90% of the supply. 
This scarcity factor may turn out to be the catalyst to take JUP out of the bullish trend.&nbsp;The JUP burning update wakes up the bulls, resulting in increased price, TVL, and trade volume on the Jupiter exchange. 
As Seen on DeFilama, Nearly 5%, from $395 million to $399 million growth was seen in the Total Value locked (TVL) of JUP. Also, a 100% growth in the Dex volume of JUP in the last few days. Additionally, the Jupiter exchange experienced a rise of 25% in overall exchange transactions.&nbsp; 
These factors, if continue the activity, JUP is more likely to enter the $1 zone shortly.&nbsp; 
<h2 class="wp-block-heading" id="h-jup-needs-to-break-the-bearish-channel">JUP Needs To Break the Bearish Channel</h2> 
Although a bullish reversal was seen after JUP retested the $0.7 support zone, in the midterm frame the crypto is now facing a descending resistance forming a bearish channel.&nbsp; 
<figure class="wp-block-image size-large">
 <img decoding="async" width="1024" height="439" src="https://image.coinpedia.org/wp-content/uploads/2024/06/20181215/image-355-1024x439.png" alt="" class="wp-image-317758" srcset="https://image.coinpedia.org/wp-content/uploads/2024/06/20181215/image-355-1024x439.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/06/20181215/image-355-300x129.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/06/20181215/image-355-768x329.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/06/20181215/image-355-1536x658.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/06/20181215/image-355-2048x877.png 2048w, https://image.coinpedia.org/wp-content/uploads/2024/06/20181215/image-355-150x64.png 150w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure> 
Having the resistance at $0.84 and crucial support at $0.7, the upward-moving RSI in the neutral zone gives room for the JUP price to break the Bearish Channel. Any daily close below $0.8 will retrace a bearish trend near support. 
<a href="https://markets.coinpedia.org/jupiterr/">JUP</a> price is trading below all the long-term, mid-term, and short-moving averages is a bearish signal, along with MACD below the trend line adding up a weak trend.&nbsp; 
JUP Traders must keep watch at the $0.7 and $0.65 zones to enter and if the $0.84 is breached the price can rally into the $1 area with strong support at $0.8.&nbsp;

How Strong Is The Jupiter (JUP) Trend Reversal? Will It Settle Above $1?

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