фото показано с : coinjournal.net

JUP price has retested a key resistance line after bouncing above $1. Crypto analyst Rekt Capital suggests holding above support level will help bulls soar.

As Solana price surges above $240 and nears its all-time high, crypto analyst Rekt Capital says Jupiter (JUP) could follow suit.

The native token of the decentralized exchange (DEX) aggregator, which counts as a major ecosystem player for Solana, is attracting attention for its potential.

“Jupiter was able to successfully retest the previous resistance area (red) into new support. In fact, JUP performed a volatile downside retest into the multi-month blue diagonal resistance as well. Continued stability here and JUP could follow SOL,” the analyst wrote on X on Nov. 18.

Here’s the chart the analyst shared, indicating possible support levels for JUP on the weekly time frame.

Earlier, the analyst had pointed to JUP’s bullish weekly close above $1.10. Noting that price was “showing initial signs of support,” Rekt Capital said:

“JUP will need to form a base here at the red region to enable a move above $1.29 (black) which needs to be reclaimed for future trend continuation.”

The altcoin rose to above $1.30 on Nov. 17, breaking to highs last seen in May. While profit taking deals have pushed JUP lower to $1.20, sentiment suggests a rebound is imminent. At the time of writing, JUP is hovering above the psychological $1 level, having bounced from lows of $1.04 to retest levels seen in May.

Breaking to the supply zone means a rally riding broader market momentum could see buyers target the all-time high of $2.00 reached in January 2024.

On the downside, the rejection at $1.30 could see bears push JUP beyond the primary support area. A retreat to below the horizontal support near $0.70 will bring the $0.50 area into view.

The post JUP price prediction: Analyst says it could mirror SOL appeared first on CoinJournal.

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