- JUP price has retested a key resistance line after bouncing above $1.
- Crypto analyst Rekt Capital suggests holding above support level will help bulls soar.
As Solana price surges above $240 and nears its all-time high, crypto analyst Rekt Capital says Jupiter (JUP) could follow suit.
The native token of the decentralized exchange (DEX) aggregator, which counts as a major ecosystem player for Solana, is attracting attention for its potential.
“Jupiter was able to successfully retest the previous resistance area (red) into new support. In fact, JUP performed a volatile downside retest into the multi-month blue diagonal resistance as well. Continued stability here and JUP could follow SOL,” the analyst wrote on X on Nov. 18.
Here’s the chart the analyst shared, indicating possible support levels for JUP on the weekly time frame.
JUP price at key level
Earlier, the analyst had pointed to JUP’s bullish weekly close above $1.10. Noting that price was “showing initial signs of support,” Rekt Capital said:
“JUP will need to form a base here at the red region to enable a move above $1.29 (black) which needs to be reclaimed for future trend continuation.”
The altcoin rose to above $1.30 on Nov. 17, breaking to highs last seen in May. While profit taking deals have pushed JUP lower to $1.20, sentiment suggests a rebound is imminent. At the time of writing, JUP is hovering above the psychological $1 level, having bounced from lows of $1.04 to retest levels seen in May.
Breaking to the supply zone means a rally riding broader market momentum could see buyers target the all-time high of $2.00 reached in January 2024.
On the downside, the rejection at $1.30 could see bears push JUP beyond the primary support area. A retreat to below the horizontal support near $0.70 will bring the $0.50 area into view.