JUP, the native token of the Solana-based decentralized exchange aggregator Jupiter, has fallen by 30% since the start of the week. Still, public sentiment and an interesting price chart indicate a reversal might be in the works.
Launched in October 2021 by the pseudonymous developer “Meow,” Jupiter is a decentralized exchange aggregator launched on Solana. The platform solves the problem of fragmented liquidity by aggregating liquidity from different decentralized exchanges. Apart from its decentralized aggregation, Jupiter also supports perpetual trading.
Since its launch, Jupiter has imposed itself as a force to be reckoned with. Its average daily trading volume eclipses those of other Decentralized aggregators.
Jupiter Airdrop
Jupiter’s anticipated ‘Jupuary’ airdrop launched on January 22. 700 million JUP tokens were distributed, worth about $600 million. This puts the token in circulation at 1.68 billion out of a maximum supply of 10 billion.
Allocation of the airdrops for three key stakeholders.
The first is the users who will receive 440 million JUP tokens. The allocation will be based on trading volumes.
The next group, the stakers, will receive 60 million JUP tokens.
The last 200 million tokens will be assigned to initiatives and innovative projects.
This airdrop is neither the first nor the biggest Jupiter airdrop so far. The platform distributed 1 billion JUP tokens in January 2024 and plans to repeat the ‘Jupuary airdrop’ every year until 2027.
Jupiter Price Analysis
Jupiter’s price chart is a fascinating one. While there is only one year of data to process, an amazing pattern has emerged.
On the daily chart, the Jupiter token is in the lower trend line of a descending triangle. A strong rejection from the support in the last three trials signifies buyers are holding the line for a bounce.
A break out of the $1.23 resistance is confirmation for the bulls, and the short-term target is $2.5.
On the lower timeframe, Jupiter is in a descending channel. A break out of $0.84 is a confirmation of a short-term bounce. It remains to be seen if the bullish momentum can be sustained.
READ MORE: Crypto Apps Rank Top on U.S. App Store: The Trump Effect?
