Jupiter's JUP Surges 25%: Bullish Momentum Drives Market Cap Above $2 Billion

Jupiter (JUP), a popular Solana-based swap aggregator, has been making waves in the crypto market with a remarkable 25% price increase in the past 24 hours. This surge has propelled Jupiter's market capitalization above $2 billion, potentially placing it among the top 50 cryptocurrencies. The platform's native token, JUP, has been on an upward trajectory for over a couple of days, with daily trading volumes surging from levels below $500 million to above a billion.

The recent price surge can be attributed to several strategic moves by the Jupiter team. Firstly, they announced a major fee rollback, including a $50 million JUP token buyback using 50% of 2024's revenue. Additionally, Jupiter plans to burn 3 billion JUP tokens and has unveiled plans to expand its ecosystem by launching Jupnet and acquiring a significant stake in Moonshot. Furthermore, the platform has established a $10 million AI fund with Eliza Labs to enhance the Solana ecosystem, which has bolstered traders' confidence and optimism.

The JUP price has been defending the lower support zone around $0.8 since the beginning of the year, which has now become a strong base. This has led to a strong rebound, printing massive bullish candles. The price is currently poised to reclaim interim highs just above $1.4, with more upswing expected. The daily chart of JUP indicates a strong bullish momentum, as the 50-day moving average (MA) is preparing for an immediate bullish crossover or Golden Cross. The Chaikin Money Flow has also risen above '0', suggesting an increase in market strength.

Analysts predict that Jupiter's (JUP) price is primed to test the local resistance at $1.3 anytime soon. A sustained breach of this level could eventually push the price to the final resistance zone between $1.37 and $1.39. Once this zone is tested and cleared, it could form a new all-time high (ATH) above $1.5 initially and later close to $2. As the Jupiter price displays acute strength, the probability of a new ATH above $2 looms over the crypto market.