en.coinotag.com
- Jupiter has maintained a position within the upper half of the Bollinger Bands for nearly ten days, indicating a sustained bullish trend.
- The $1 level has been turned into a support zone, though it might face another test shortly.
- Jupiter (JUP), a decentralized exchange aggregator on the Solana blockchain, has surged by 65% since July 8th, highlighting its upward momentum.
Jupiter’s bullish trend on the Solana blockchain points to a robust rally, with critical resistance levels in sight and ongoing bullish indicators.
Jupiter’s Market Structure Turns Bullish Amid Price Rally
The market sentiment towards Jupiter (JUP), a decentralized exchange aggregator for the Solana blockchain, shifted bullishly after breaching the $0.8 resistance. This move came after the token demonstrated consistent upward momentum, rallying by 65% since July 8th. While the volatility experienced on July 4th provided a more conservative outlook, the overall bullish structure remains intact.
Key Resistance Levels and Market Indicators
The immediate target for Jupiter lies within the H12 bearish order block, positioned between $1.2 and $1.3, a zone that has acted as resistance since mid-April. Current indicators suggest a strong bullish trend, with expectations of surpassing the $1 mark. However, a potential concern is the relatively low trading volume compared to the activity seen in February and March, suggesting that the bullish sentiment may not be as widespread as the price action suggests.
Liquidity Dynamics and Future Projections
Analyzing liquidity, the $1 level was breached easily, with the liquidity cluster at $0.95-$0.98 being cleared without resistance. Looking ahead, the $1.2 and $1.4 levels emerge as potential targets. This projection aligns with the established bearish order block from the price chart. Moreover, a significant skew towards long positions in the short-term liquidation levels could create conditions favorable for a long squeeze. If this scenario materializes, the $0.97-$0.98 range is expected to provide robust support.
Conclusion
In summary, Jupiter’s upward trajectory on the Solana blockchain reflects a positive market structure with the potential to target higher resistance levels of $1.2 and $1.4. Despite concerns over trading volumes, the indicators and liquidity analysis suggest a continuation of the bullish trend. Investors should monitor these critical levels and market dynamics to navigate the ongoing rally effectively.