Jupiter [JUP] surges 13.85% as trading volume jumps 92.78%

Jupiter [JUP] has experienced a significant rally, surging 13.85% in the past 24 hours. This surge was driven by a substantial 92.78% increase in trading volume, reaching $170.63 million, and a breakout from resistance levels last tested in March. The upward movement aligns with a classic cup-and-handle pattern, indicating growing confidence among traders and confirming renewed demand.

The sharp increase in both price and volume suggests a potential bullish continuation, especially as it aligns with broader on-chain and derivatives metrics. JUP’s price action has validated a classic cup-and-handle formation that began developing in early March. The breakout above the $0.60–$0.62 resistance range confirms the reversal of a long downtrend. Technically, this pattern is known for its strong continuation characteristics, as the breakout not only overcame supply pressure but also did so with volume backing, which strengthens its reliability.

As a result, the breakout could target the $0.75 level based on a measured move projection. This pattern provides a clear technical framework for further bullish continuation if current momentum holds. Open Interest has climbed 19.24%, reaching $148.48 million, reflecting renewed confidence in the rally. This sharp increase implies that traders are aggressively reopening long positions after the resistance breakout. Moreover, the rising Open Interest aligns with the surge in spot volume, confirming that both markets are synchronized in their bullish outlook.

On the 23rd of May, spot inflows hit $16.64 million, while outflows trailed closely at $15.90 million, yielding a net positive balance. This slight inflow advantage signals steady accumulation rather than panic selling or mass distribution. Historical flow data shows no extreme spikes, further suggesting that current activity is organic and likely sustainable. As long as inflows remain consistent and outflows do not significantly increase, this balance will favor the bulls.

The 24-hour liquidation heatmap reveals dense clusters of short liquidations around the $0.63 zone. This aligns perfectly with JUP’s recent breakout zone, indicating that trapped short sellers may have helped push prices higher. The aggressive squeeze of short positions has thinned resistance overhead, making it easier for bulls to push further. With fewer short walls remaining and sentiment turning bullish, JUP could maintain upward pressure.

Given these factors, JUP is likely to continue its upward trajectory and hit the $0.75 target in the near term. Unless a sharp reversal invalidates current support, bulls appear firmly in control and well-positioned to drive the next leg of the rally. The combination of surging volume, rising Open Interest, and short liquidations confirms strong bullish momentum. Balanced inflows further support sustained accumulation, making the $0.75 target a realistic short-term goal for JUP bulls.