- JUP worth has retested a key resistance line after bouncing above $1.
- Crypto analyst Rekt Capital suggests holding above help degree will assist bulls soar.
As Solana worth surges above $240 and nears its all-time excessive, crypto analyst Rekt Capital says Jupiter (JUP) may comply with swimsuit.
The native token of the decentralized change (DEX) aggregator, which counts as a significant ecosystem participant for Solana, is attracting consideration for its potential.
“Jupiter was in a position to efficiently retest the earlier resistance space (purple) into new help. In reality, JUP carried out a risky draw back retest into the multi-month blue diagonal resistance as properly. Continued stability right here and JUP may comply with SOL,” the analyst wrote on X on Nov. 18.
Right here’s the chart the analyst shared, indicating doable help ranges for JUP on the weekly timeframe.
JUP worth at key degree
Earlier, the analyst had pointed to JUP’s bullish weekly shut above $1.10. Noting that worth was “displaying preliminary indicators of help,” Rekt Capital stated:
“JUP might want to kind a base right here on the purple area to allow a transfer above $1.29 (black) which must be reclaimed for future development continuation.”
The altcoin rose to above $1.30 on Nov. 17, breaking to highs final seen in Might. Whereas revenue taking offers have pushed JUP decrease to $1.20, sentiment suggests a rebound is imminent. On the time of writing, JUP is hovering above the psychological $1 degree, having bounced from lows of $1.04 to retest ranges seen in Might.
Breaking to the provision zone means a rally using broader market momentum may see patrons goal the all-time excessive of $2.00 reached in January 2024.
On the draw back, the rejection at $1.30 may see bears push JUP past the first help space. A retreat to beneath the horizontal help close to $0.70 will convey the $0.50 space into view.
