Jupiter Hits All-Time High Market Cap; Why Is JUP Going Up?

• Jupiter (JUP) surges 54% to reach an all-time high market cap of $1.98 billion.
• Solana DEX Jupiter flips Uniswap with a daily trading volume of $2.1M.

In a day marked by a slight correction in the cryptocurrency market, Jupiter (JUP) stands out as a candle of bullish fervor, soaring by a significant 54% within the last 24 hours. While Bitcoin (BTC) and Ethereum (ETH) have dipped by approx 1.5-2%, Jupiter has defied the trend, surging to $1.43, surpassing its previous resistance at $1.25 and matching its all-time high of $2.04.

Will Jupiter (JUP) Reach an All-Time High?

This surge in Jupiter’s price comes amidst a broader market downturn, with Bitcoin dropping to $65,000, marking its lowest point in over a week. However, despite this setback, optimism prevails as Solana-based decentralized exchange Jupiter and Solana itself continue to rally, with SOL gaining nearly 10% today.

Jupiter (JUP) Market Cap (Source: CoinMarketCap)

Jupiter’s impressive performance isn’t just reflected in its price surge; JUP’s market cap has also reached a new all-time high of $1.98 billion, with a staggering daily trading volume of $1.39 billion, marking a 96% increase in the last 24 hours.

Analysts foresee that, if the trend continues, Jupiter may encounter significant resistance at $1.89, potentially prompting further positive momentum that could propel JUP to $1.96 and even beyond to a new all-time high above $2.15.

If the trend reverses, Jupiter may find initial support at $1.13. Failing to maintain this key support level could see Jupiter’s price plummet further to $0.91, potentially triggering a broader decline below $0.74.