JUP - Showing Strength with Sol
Sol has been showing a large degree of strength vs ETH on this recent move up. This has caused some solana based projects such a Jupiter to rally.
Looking at Jupiter's market structure we can see price has successfully broken out of the downtrend. Now we need to determine what the next move is based on two scenarios.
If BTC finds support and starts pushing back up, then JUP will be able to break the critical $1 level and continue its breakout run.
If BTC still has lower to go, JUP will get rejected at this level and fall to either the 0.236 fib ($0.88-0.92) or will retest the trendline as new support ($0.80-$0.85 depending on time) and then continue the breakout run.
The 1.618 fib extension level could put JUP as high as $2.52.
Looking at Jupiter's market structure we can see price has successfully broken out of the downtrend. Now we need to determine what the next move is based on two scenarios.
If BTC finds support and starts pushing back up, then JUP will be able to break the critical $1 level and continue its breakout run.
If BTC still has lower to go, JUP will get rejected at this level and fall to either the 0.236 fib ($0.88-0.92) or will retest the trendline as new support ($0.80-$0.85 depending on time) and then continue the breakout run.
The 1.618 fib extension level could put JUP as high as $2.52.
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