JUP price retested the key resistance line after rebounding above $1. Crypto analyst Recto Capital suggests that sustaining above support levels will help the bulls move higher.
As Solana’s price soars above $240 and nears all-time highs, crypto analyst Recto Capital says Jupiter (JUP) could follow suit.
The native token of Solana, a decentralized exchange (DEX) aggregator that ranks among the major ecosystem players, is attracting attention for its potential.
“Jupiter successfully retested the previous resistance area (red) to new support. In fact, JUP also performed a volatile downside retest against the multi-month blue diagonal resistance . Stability may continue here and JUP may follow SOL,” analysts wrote in X on November 18.
This is a chart shared by an analyst that shows possible support levels for JUP on a weekly time frame.
Major level JUP price
The analyst previously noted that JUP's weekly closing price was at a bullish level above $1.10. Recto Capital noted that prices were “showing early signs of support” and said:
“JUP needs to form a base here in the red area to allow a price move above $1.29 (black), but it needs to recover for future trend continuation.”
The altcoin rose above $1.30 on November 17, breaking the high recorded in May. Profit-taking has pushed JUP down to $1.20, but sentiment suggests a rebound is imminent. At the time of writing, JUP is trading above the psychological $1 level, rebounding from the $1.04 low to the retest level seen in May.
Entering the supply zone means that the overall market momentum could lead to a rally and buyers could target the all-time high of $2.00 set in January 2024.
On the downside, a rejection at $1.30 could allow the bears to push JUP above the key support area. A break below the horizontal support around $0.70 will bring the $0.50 area into view.
