JUP's Next Move: Hovering Around $1, Where Will it Go?

JUPITER PRICE ANALYSIS & PREDICTION (January 29) – JUP Negotiates Next Move as it Floats Around $1, Where Will it Go?

JUP, a Solana-based project, has experienced a 3% decline in price today, following a trend of significant losses among other Solana-based projects in recent days. Despite this, analysts suggest that a recovery above the previous monthly high could set the stage for a substantial increase in the asset's value.

Last week, JUP demonstrated signs of strength and increased trading volume, leading to optimism among traders about a potential rally. However, the asset faced rejection and the buying pressure quickly dissipated. The $1 level has provided support in recent days and has become a critical trading level for JUP. Nevertheless, like many altcoins, the price currently appears weak.

If JUP loses this critical trading level, it could result in a serious decline in price, potentially rolling back to the $0.7 range before picking up again. Failure to bounce back could lead to a heavy loss, pushing the price to a yearly low. However, JUP's next move remains uncertain, and a push above the previous weekly high could open the door for more positive action daily. Analysts anticipate a new high before a significant rally, as the asset gathers momentum for another major swing.

On the daily chart, bulls still maintain the upper hand. If they regroup, their target would be the $1.28 level before challenging the $1.44 resistance on the way up. The $1.6 level is the next resistance to watch. If JUP loses the $1 level, there is a minor support at $0.9. A further drop from there could pull the price to a low of $0.8, followed by $0.71.

Key Resistance Levels: $1.28, $1.44, $1.6

Key Support Levels: $0.9, $0.8, $0.71

Spot Price: $1.1

Trend: Bullish

Volatility: High