JUP Price Forecast: The analyst said it may reflect SOL.
After the JUP price rose above $1, it tested a key resistance line. Crypto analyst Rect Capital's hold above support levels will help keep bulls hungry.
As Solana's price rises above $240 and nears its all-time high, crypto analyst Rect Capital Jupiter (JUP) may follow suit.
Decentralized exchange (DEX), considered a major ecosystem player for Solana, is attracting attention for its ability to collect native tokens.
“Jupiter has successfully retested the previous resistance position (red) to new support. In fact, the JUP has made a volatile failure attempt against the multi-month blue diagonal protest. Continued stability here and JUP SOL may follow,” the analyst wrote on November 18 at X.
Here is the chart shared by the analyst, which shows the support levels for the JPY on the weekly time frame.
The value of JUP at the key level
Earlier, the analyst noted JUP's bullish weekly close above $1.10. This price is “showing early signs of support,” Rect Capital said.
“JUP needs to establish a base in the red range here to enable a move above $1.29 (black) which is needed for future trend continuation.”
The altcoin rose above $1.30 on November 17, breaking the high seen in late May. Although dividend offers 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 risen to retest levels from the $1.04 lows seen in May.
A break into the supply zone means buyers are riding broad market momentum and targeting the all-time high of $2.00 reached in January 2024.
On the downside, a rejection at $1.30 could see the bears push JUP above the key support area. A pullback below the horizontal support near $0.70 would bring the $0.50 area into view.
