Jupiter (JUP) Price Prediction: Will the JUP Token Continue Its Recovery?

The price of Jupiter continued its recovery this week as the mood in the crypto market improved, pushing Solana and tokens in its ecosystem higher.

The price of Jupiter (JUP) continued its recovery this week as the mood in the crypto market improved, pushing Solana and tokens in its ecosystem higher. The JUP token jumped to a high of $0.5355 on Saturday—its highest level since March 28 this year. It has soared by more than 78% from its lowest point in April.

Jupiter had a busy week, with the integration of the Universal Send feature and plans to channel jupSOL commissions to the DAO.

Send money to anyone, anywhere. Even if they don’t have a wallet.

Introducing Universal Send from @jup_mobile.

Send any token – SOL, USDC, or even memecoins. Plus, enjoy ultra low fees. Jupiter Mobile is the best way to send gifts to family, onboard friends, or even pay for goods. pic.twitter.com/fwwwB0ZWuC

— Jupiter (@jupiter_cmd) May 11, 2024

The ongoing crypto rebound has drawn more investors back into the market. CoinMarketCap data shows that the 24-hour volume jumped by over 44% to $200 billion, a move that has benefited both centralized and decentralized exchange companies.

Jupiter, the second-biggest player in the perpetual futures industry, has been one of the top beneficiaries, noting a significant increase in its volume. According to DeFi Llama data, its daily volume soared by 166% to $1.22 billion, making it the second-biggest after Hyperliquid, which handled $10.7 billion.

Jupiter has processed over $3.3 billion in perpetual futures contracts in the last seven days, a trend that may continue if the crypto market continues.

Its surge has coincided with the strong rebound of Solana meme coins. According to CoinGecko, the market cap of all Solana meme tokens has more than doubled from $6 billion in April to over $12.6 billion today. The 24-hour volume of these tokens was $10.2 billion, with Trump and Bonk being the most active.

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The Jupiter token also surged after developers introduced the Universal Send feature, which enables users to send tokens to anyone, including those without a wallet. This feature aims to make Jupiter a leading player in the crypto peer-to-peer payment industry.

The other reason why the JUP price soared is that the developers pledged to channel all jupSOL commissions generated in the network to its decentralized autonomous organization (DAO). This is an important process, as it seeks to become an independent and decentralized organization.

JUP Price Technical Analysis

The daily chart shows that the JUP price has rebounded after hitting the bottom at $0.2970 in April. It has moved to $0.5325, its highest level since March 28, and has formed an inverse head and shoulders pattern—a highly bullish sign.

The price of Jupiter has moved above the 50-day Exponential Moving Average (EMA) and is nearing the 23.6% Fibonacci Retracement level. The Relative Strength Index has pointed upwards.

Therefore, the JUP token will likely keep rising as bulls target the 38.2% Fibonacci retracement level at $0.7330, up by 38% above the current level. A drop below the right shoulder at $0.40 will invalidate the bullish outlook.