Jupiter (JUP) price has shown a bullish spell this week with more than 20% growth. Jupiter ranked 58th globally in the past 24 hours based on its market cap, per the CoinMarketCap.
The price and JUP’s market cap have witnessed an advance of 3.5% in the last 24 hours. The token’s traded spot volume inflow value had increased by 7%.
As of writing, Jupiter’s market cap value has been $1.234 Billion, followed by the traded volume value of $99.794 Million.
Similarly, this further resulted in a volume/market cap ratio of 8.01%, displaying moderate to good liquidity. The fear and greed index has improved from the fear of 28 to 56 this week, supporting the asset’s bullish sentiment.
What Does Analyst Highlights on Jupiter Price?
AN analyst @iWantCoinNews (iWantCoinNews) had shared optimistic views on Jupiter’s (JUP) price. The analyst has shared one of his drawings in the JUP chart. He illustrated that the asset stands near a critical demand zone.
The analyst believes that from this zone, the price could go parabolic towards the $3 mark. The chart illustration also displayed that once bulls get traction in the asset price, the all-time high could be breached in on sweep momentum.
Therefore, the optimism is higher in assets per the analyst. However, investors should be cautious, and avoid FOMO and DYOR.
Is Jupiter (JUP) Fundamentally Strong?
Based on the Chainbroker website, its fundamentals are rated 6.34 by 10. and considered good.
The Project has a security score of 83.10, and it’s an A-tier security standard. The community trust score is also good at 94.31, and the X score highlights good activity on its X profile. The Twitter score, as of writing, was at 244, with top Twitter followers.
Impressive Growth In TVL Witnessed!
The rise in TVL in JUP over time reflects the surge in the demand for the asset and the changing dynamics of market participation. The total TVL of Jupiter was $1.124 Billion, as per the Defilama, and the surge from $92 Million in January and 2024 displays nearly 12x in the past 8 months.
Meanwhile, this shows the JUP growth at an impressive scale, as of writing, and this reflects that the higher TVL makes the JUP asset more reliable and less risky.
Price Action Overview of Jupiter (JUP)
A look at Jupiter’s chart showed that 2024 was delightful for JUP’s investors. Starting from Feb-end of 2024, showed major development on the chart from the demand zone at the $0.49 level.
As the price rose by over 330% and peaked at $1.84 by March-end and gave a strong performance in the first quarter. However, the beginning of the second quarter was drastic, as the price slipped and violated the uptrend by formulating lower low peaks.
The performance led to a downward channel over the daily chart, where it ideally followed the top border and lower border sharply.
The last time, on July 5th, the price was struck the lower border, and as a result, it bounced back. Since then, it’s followed a support level of 0.7265 and is yet to break the demand zone.
Therefore, major bullish indicators signify further bullishness if bullishness prevails on the daily chart. In that case, the $1.20 level could be worth monitoring, as above this level, a change of character is present followed by the breach of the upper border.
