Several Solana-based projects have posted huge losses in the past few days, including Jup which is now down by 3% today. A recovery above the previous monthly high should set the stage for a big increase. Last week, Jup showed signs of strength and went offensive after seeing a notable increase in the volume level. Things escalated positively fast as many traders became optimistic about a possible rally, but the asset faced rejection and the buying pressure faded off quickly. Interestingly, the $1 level provided support in the past few days and became a critical trading level for Jup since it faced rejection last weekend. Though, like many altcoins, the price currently appears weak. Losing this critical trading level could cause a serious decline in the price. This could roll the price back to the $0.7 range before picking up again. Failure to bounce back might result in a heavy loss, which may slide the price to a yearly low. However, Jup’s next move is still indecisive. A push above the previous weekly high should give room for more positive actions daily. Apart from that, we can expect a new high to surface before rallying hard. It is currently gathering momentum for another major swing. JUP’s Key Level To Watch Source: Tradingview On the daily chart, the bulls are still having the upper hand. If they regroup back, the $1.28 level would be their target before charging at the $1.44 resistance on the way up. The $1.6 level is the next resistance to watch. Losing $1, there’s a minor support at $0.9. A further drop from there could pull us to a low of $0.8, followed by $0.71. Key Resistance Levels: $1.28, $1.44, $1.6 Key Support Levels: $0.9, $0.8, $0.71 Spot Price: $1.1 Trend: Bullish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: rawpixelmasitta/ 123RF // Image Effects by Colorcinch
