Jupiter ($JUP) just doubled in price, smashing past $0.61 as $2.6 billion pours into Solana’s leading DEX. After this 100% jump, many now speculate that Jupiter can challenge Uniswap’s throne.
The growth comes as Jupiter pushes into lending and launches major wallet upgrades. Trading volume also rocketed 144% overnight, and analysts see a classic bullish setup that might drive $JUP to $1 or higher.
Currently trading at $0.6134, the token has doubled in value since hitting its all-time low of $0.3064 on April 7, marking a full-circle comeback.
Solana’s Hidden Gem Returns: Why Jupiter Is Back in the Spotlight
As a key player in the Solana ($SOL) ecosystem, Jupiter is now expanding into the lending sector through a strategic partnership with Fluid. It is setting its sights on rivaling Kamino Finance, the current dominant force in that space.
Even during the token’s downtrend, Jupiter maintained momentum by continuously shipping new features.
The team recently overhauled the Jupiter wallet interface to consolidate crypto assets and DeFi positions across all wallets into one streamlined dashboard.
On May 7, the Solana-based aggregator also rolled out its Universal Send feature on Jupiter Mobile, allowing users to transfer crypto to anyone, even those without a wallet, via a wallet address or QR code.
These innovations have reinforced the growing utility and value proposition of $JUP as the native token powering the ecosystem.
Jupiter’s total value locked (TVL) has surpassed $2.6 billion, while daily trading volume through the aggregator has exceeded $2 billion.
Is $JUP Still Undervalued Despite Monthly 30% Rally?
Yet despite these impressive metrics, $JUP’s market cap remains around $1.8 billion, prompting many traders to argue that the token is undervalued.
However, the market appears to be waking up to Jupiter’s recent advancements.
In the past 24 hours alone, trading volume has surged to over $490 million, a 144% jump, accompanied by a 12% rise in open interest.
Crypto chartist Alice Crypto, a seasoned trader since 2012, noted that JUP is currently forming an inverse head and shoulders pattern, a classic bullish indicator.
She predicts the token could more than double from current levels, potentially reclaiming the $1.00 mark.
Another trader argued that Jupiter has overtaken Uniswap in relevance and could soon surpass the Ethereum-based DEX, which currently boasts a $3.9 billion market cap.
If $JUP reached that valuation, it would trade around $1.40, a 40% increase from its current price, though still below its January 2024 high of $2.04.
Eyes on $1: The One Critical Level That Could Make or Break $JUP’s Momentum
Technical analysis of the $JUP/$USDT chart shows the token has broken out above a descending trendline that has acted as resistance since February’s peak near $1.40.
The MACD indicator has flipped bullish with a recent crossover, and trading volume has been especially strong both during the April selloff and the ongoing rebound.
The next key test lies at $0.8387, a former support level that may now act as resistance. A sustained break above this level could pave the way for a run toward the psychological $1.00 barrier.
Beyond that, bulls will need to overcome additional resistance at $1.0055, $1.2161, and the previous high of $1.4147.
However, if $JUP fails to hold the current support zone between $0.55 and $0.60, it risks a potential pullback toward the April lows.
The post Jupiter Price Doubles to $0.61, $2.6B TVL indicates Uniswap Challenge appeared first on Cryptonews.
