Jupiter, a popular player in the Solana ecosystem, rose to $1.0273 on Monday and then retreated to $0.9677. JUP has risen by over 45% from its lowest point in August, bringing its market cap to over $1.29 billion.
Jupiter’s volume rises, and active staking rewards
Jupiter has grown to become the biggest player in Solana’s perpetual DEX industry. Data by DeFi Llama shows that its volume in the derivatives market rose by 82% to over $3.1 billion.
This increase makes it the second-biggest player in the industry after Hyperliquid, which handled over $6.98 billion worth of tokens. The other top names in the sector are dYdX, SynFutures, and Vertex Edge.
Jupiter has also grown to become the fourth-biggest player in the Solana ecosystem after Jito, Raydium, and Kamino, with over $1.42 billion in assets.
Jupiter’s performance mirrors that of other popular Solana DEX networks. For example, Raydium handled tokens worth $7.69 billion in the last seven days, while Orca and Lifinity handled $2.74 billion and $1.18 billion, respectively.
Meanwhile, the Jupiter token also reacted to the launch of active staking rewards on the network. In an X post, the developers noted that it will distribute 50 million JUP tokens to active voters, who will also receive 7.5 million CLOUD tokens.
The 50 million JUP tokens will be worth over $48 million, while the 7.3 million CLOUD tokens will be worth $2.7 million.
Meanwhile, Jupiter’s rally has coincided with the ongoing rebound of its future open interest. It has continued rising, reaching a high of $110 million, its highest point since April this year, meaning that it is gaining traction among investors.
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Jupiter token price analysis
The JUP price has risen in the past few days, moving from a low of $0.7200 on October 10 to a high of $1.0272.
Jupiter has moved above the 50-day moving average. It was also slightly above the key resistance point at $0.9473, its highest point in September and August this year. This price was also the upper side of the ascending triangle pattern.
Therefore, the Jupiter token will likely continue rising as bulls target the next point at $1.2270, its highest level in July, which is 28% above the current level. This view will be confirmed when the price rises above Monday’s high of $1.0272.
In the long term, Jupiter investors will face dilution since it has a circulating supply of 1.35 billion tokens against a total supply limit of 10 billion. In the future, this means that the unlocked tokens will come online, diluting existing holders.
Jupiter had a 1.35 billion token unlock in January, and a similar amount will be released earlier next year.
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