Jupiter's JUP Surges 28% in 24 Hours on Upgrades and Partnerships

Jupiter (JUP), a popular Solana-based swap aggregator, has been making waves in the crypto market with a remarkable 28% surge in the past 24 hours. The JUP price is currently trading at $1.2397, marking a significant bullish move that has caught the attention of traders and investors alike.

The surge in JUP's price can be attributed to several factors, including the platform's recent upgrades and strategic partnerships. In the past few days, Jupiter has announced a major fee rollback, a $50 million JUP token buyback, and plans to burn 3 billion JUP tokens. Additionally, the platform has unveiled its ecosystem expansion plans, including the launch of Jupnet by acquiring a major stake in Moonshot. Furthermore, Jupiter has announced a $10 million AI fund with Eliza Labs, focusing on enhancing the Solana ecosystem.

These developments have sparked optimism among traders, leading to increased buying activity and a bullish sentiment towards the JUP price rally. The JUP price has been defending the lower support zone around $0.8 since the start of the year, which has now become a strong base. As a result, the price has triggered a strong rebound, printing massive bullish candles and poised to reclaim the interim highs just above $1.4.

The daily chart of JUP appears to be extremely strong, with the bulls maintaining their momentum. The 50/200-day MA's bearish crossover had raised some concerns, but the 50-day MA seems to be preparing for an immediate bullish crossover or the Golden Cross. Additionally, the Chaikin Money Flow has been hovering around the average or '0', indicating the rally maintained its strength amid the recent selloff. Now that it has raised above '0', it suggests an increase in the market's strength.

With the current momentum, Jupiter's (JUP) price appears to be primed to test the local resistance at $1.3 anytime from now. A sustained breach 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 ATH above $1.5 initially and later close to $2.