Jupiter tests $0.29 demand zone as Solana DEX token mirrors Bitcoin’s pullback
JUP's price is in a tricky spot right now and traders should be wary.
Jupiter’s [JUP] new trading product, YOLO, recorded over $1 billion in volume after its 15h October beta launch. Jupiter’s trading product on Solana offers 1,000x leverage on SOL, BTC, and ETH, and allows trading with as little as $10 to “make it big.”
Traders should remember that at that kind of leverage, a 0.1% price move against their direction could wipe out their position. As a simulated trading model, a single house pool funded by losers pays the winners, and the individual trades don’t make it to a real market, but of course the profits and losses are real.
Winners are paid when the platform’s liquidity pool can cover the entire amount, and there are no earlier claims in the queue.
The impact on JUP price trends
Jupiter’s long-term trend has been bullish since the swing structure break on the daily timeframe in May. The low made at $0.144 was the anchor point for the rally that pushed upwards to $0.388.
Since making this high earlier in October, Jupiter token’s price has declined by 21.8% so far.
The next long-term demand zone to watch will be at $0.22 (cyan), the bullish order block that propelled the latest JUP bullish impulse move.
Do bears have the upper hand?
On the 2-hour chart, the price trend shifted bearishly across the board. The demand zone at $0.32 was flipped to a supply zone too. The retest as resistance in recent days yielded a bearish reaction as well.
The next demand zone at $0.29 was already being tested at the time of writing. Given the wider market weakness due to Bitcoin’s [BTC] retracement towards $80K, it is likely that JUP would continue its descent over the next week.
A drop below $0.275 and a retest of $0.29 would likely offer short-term traders a selling opportunity.
Final Summary
- The 1,000x Jupiter trading product on Solana recorded over $1 billion in trading volume after its 15th October beta launch.
- Over the past ten days, JUP’s price has retraced by 21.8% and could slide further next week.
