Coin Edition -
- An analyst mentioned that JUP can break out of the falling wedge, and retest $0.75
- 54% of eligible wallets have not claimed the airdrops, suggesting a possible slide.
- If buyers accumulate more JUP, the price could head to a new high.
Jupiter (JUP), the native token of the Solana-based Jupiter exchange, has fallen by 64.12% since it launched on January 31. At press time, JUP’s price was $0.58, CoinMarketCap showed. On the day Jupiter exchange launched the token, the price was as high as $0.75.
However, because some users of the Solana blockchain got airdrops, the cryptocurrency has been experiencing selling pressure. Despite the plunge, some market participants believe that JUP has good long-term potential.
JUP Can Break Out, Analyst Says
Furthermore, some experts have also considered analyzing the prospects of the token. One of those experts is Jacob Crypto Bury. Crypto Bury talked about JUP on his YouTube page in a session dated February 1.
According to him, the JUP launch could propel Solana’s Total Value Locked (TVL) to new heights in the coming months. In terms of the price action, Crypto Bury said that JUP looked like a token that would perform well soon.
He gave reasons like the impressive liquidity and market cap of the token. At the time the analyst uploaded the video, JUP’s liquidity was $4.23 million. The market cap, on the other hand, was $781.39 million.
However, the analyst mentioned that JUP might continue forming a falling wedge. While he admitted that it was too soon to predict its price, he opined that the token might break out at some point.
More Sell-Offs Might Take Place
Meanwhile, Jupiter has come under intense criticism because the team sold some of its tokens. However, the founder of the project, the pseudonymous Meow, has addressed some of the concerns.
According to him, there were plans in place to absorb the selling pressure. He also mentioned that he was confident that new buyers would come in.
If this happens, then JUP’s price might head back to the $0.75 region. Meow also admitted that the team made some errors and the plan was not to hurt retailers.
yeh, we made a few mistakes here tbh. will reflect in post mortem— meow