Solana

Jupiter

DeFi

Jupiter token retreated for two consecutive days even as the volume of transactions in Solana’s ecosystem jumped. 
Jupiter (<a href="https://crypto.news/price/jupiter/" target="_blank">JUP</a>) retreated to $0.08 on Sept. 23, down from last week’s high of $0.89, giving it a market cap of over $1.098 billion. 
Data from <a href="https://defillama.com/dexs/chains/solana" target="_blank" rel="nofollow">DeFi Llama</a> shows that Solana’s (<a href="https://crypto.news/price/solana/" target="_blank">SOL</a>) decentralized exchange transactions rose by 18% in the last seven days, bringing the total to over $5.27 billion. It <a href="https://crypto.news/solana-flips-ethereum-on-a-key-metric-nft-sales-jump/" target="_blank">flipped Ethereum</a>, whose transaction volume fell by 29% to $5.1 billion. 
Jupiter’s transactions have been robust, with data from Solscan showing that it handled tokens worth $587 million on Sept. 23, giving it a market share of 37%. It has over 10,400 active wallets. 
The other top Solana <a href="https://crypto.news/what-is-a-decentralized-exchange-dex/" target="_blank">DEX</a> networks like Raydium, Orca, and Meteora also saw higher volumes as meme coins like Popcat (<a href="https://crypto.news/price/popcat/" target="_blank">POP</a>) and Dogwifhat (WIF) rebounded. 
Recently, however, there are signs that Jupiter’s volume momentum is falling. After peaking at $1.14 billion on Sept. 19, it has dropped to $580 million. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="2646" height="890" src="https://crypto.news/app/uploads/2024/09/Jupiter-DEX.jpeg" alt="Jupiter volume" class="wp-image-14299287">
 <figcaption class="wp-element-caption">
 Jupiter exchange volume | Source: <a href="https://solscan.io/amm/jupiter" target="_blank" rel="nofollow">Solscan</a>
 </figcaption>
</figure> 
Meanwhile, Jupiter’s total assets have risen by over 5% in the last 30 days to over $1.17 billion, making it the third-largest player in the ecosystem. 
Jupiter’s token pulled back a week after the developers acquired SolanaFM, a leading blockchain explorer. This acquisition is expected to help Jupiter grow its ecosystem of infrastructure networks. 
A key challenge for Jupiter’s token is its concentrated ownership structure. According <a href="https://solana.fm/address/JUPyiwrYJFskUPiHa7hkeR8VUtAeFoSYbKedZNsDvCN/transactions?cluster=mainnet-alpha" target="_blank" rel="nofollow">to SolanaFM</a>, the top ten addresses in the network hold almost 92% of all tokens in circulation. A highly concentrated token is typically at risk if these holders decide to liquidate their positions. 
 You might also like: <a rel="" href="https://crypto.news/crypto-exchange-jupiter-acquires-blockchain-explorer-solanafm/"> Crypto exchange Jupiter acquires blockchain explorer SolanaFM </a> 
<h2 class="wp-block-heading" id="jupiter-found-a-strong-support">Jupiter found a strong support</h2> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/09/Jupiter-Price.png" alt="Jupiter price" class="wp-image-14299286">
 <figcaption class="wp-element-caption">
 Jupiter token chart | Source: <a href="https://www.tradingview.com/symbols/JUPUSD/?exchange=KRAKEN" target="_blank" rel="nofollow">TradingView</a>
 </figcaption>
</figure> 
On the daily chart, the Jupiter token found strong support at $0.6577, a level it struggled to cross in July, August, and September. This indicates it has formed a triple-bottom pattern with a neckline at $1.2200. 
Jupiter has also remained above the 78.6% Fibonacci Retracement level and is hovering above the 50-day and 25-day moving averages. 
Therefore, Jupiter is likely to resume its uptrend as long as it remains above the two moving averages and last week’s high of $0.8932. 
 You might also like: <a rel="" href="https://crypto.news/solana-based-jupiter-alerts-of-malicious-chrome-extension-draining-wallets/"> Solana-based Jupiter alerts of malicious Chrome extension draining wallets </a>

Jupiter price pulls back amid encouraging DEX volume metrics

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