Summary of Jupiter Token and Solana’s Ecosystem
Jupiter token (JUP) experienced a decline in value to $0.08 on Sept. 23, despite a surge in Solana’s decentralized exchange transactions. Solana’s (SOL) transaction volume rose by 18%, surpassing Ethereum in total transactions. Jupiter’s market share remains strong, handling tokens worth $587 million on Sept. 23.
Jupiter’s Volume Momentum and Market Position
Although Jupiter’s transaction volume peaked at $1.14 billion on Sept. 19, it has since fallen to $580 million. However, its total assets have increased by over 5% in the last 30 days, making it the third-largest player in Solana’s ecosystem. Jupiter’s token faces challenges due to its concentrated ownership structure.
Jupiter’s Price Analysis and Support Levels
Jupiter token found strong support at $0.6577, forming a triple-bottom pattern with a neckline at $1.2200. It has remained above the 78.6% Fibonacci Retracement level and is positioned above the 50-day and 25-day moving averages. Jupiter is expected to continue its uptrend as long as it maintains support levels and surpasses previous highs.
