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JUP token price spikes as Jupiter gains market share in DEX

By: Invezz
FTX moves SOL tokens

The JUP token price continued its parabolic move this week as Jupiter’s market share in the decentralised exchange (DEX) industry rose. The token soared to a high of $0.6388, its highest point since February 2nd. It has jumped by more than 46% from its lowest point this year.

Jupiter market share gains

Jupiter, a new decentralised exchange (DEX) in Solana’s ecosystem, has emerged as one of the fastest-growing players in the industry.

Data shows that it has added thousands of users and is now processing tokens worth billions per week amid the ongoing crypto bull run.

According to DappRadar. The platform has had over 1.32 million Unique Active Wallets (UAW) in the past 30 days, a 33% increase. It has also had over 41 million in transactions in this period, making it one of the top players in the industry. The chart below shows this trend since November.

Jupiter DEX trends

Jupiter DEX transaction trend

The other important data from CoinGecko shows that the daily volume of all tokens traded in the exchange has jumped sharply lately. It jumped to over $1.4 billion in the past 24 hours, making it the second-biggest player in the industry after Uniswap. 

Uniswap’s V3 on Ethereum handled over $1.57 billion, meaning that Jupiter is narrowing the gap. And it is not alone as Orca handled over $931 million in the same period. Most importantly, the total value locked (TVL) in the Jupiter ecosystem has soared to a record high of $216 million.

Jupiter’s market share has jumped because of the strong performance of Solana and its ecosystem. As I wrote on Thursday, Solana price made a strong bullish breakout, as it moved above its highest point in December. As it jumped, it invalidated the double-top pattern that has been forming.

Also, other players in the Solana ecosystem like Bonk, dogwifhat, and Jito have all made a strong bullish breakout. The most active pairs in Jupiter were USDC/SOL, USDC/USDT, MSOL/SOL, and USDT/SOL.

Jupiter price forecastJUP price

JUP chart by TradingView

On the 4H chart, we see that the JUP token price bottomed at around $0.4550, its lowest swing on February 24th. 

It has now bounced back and moved above the important resistance point at $0.5620, its highest level on February 15th. The token has also risen above the 50-period moving average and the 38.2% retracement point.

Also, the Relative Strength Index (RSI) and the MACD indicators have pointed upwards. Therefore, the outlook for the JUP price is bullish, with the next point to watch being at $0.6673, the 50% retracement point.

The post JUP token price spikes as Jupiter gains market share in DEX appeared first on Invezz

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