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Jupiter (JUP ) Price Prediction – When will JUP hit $5?

Jupiter (JUP ) Price Prediction
author Written by
Rex John Walsh
author Fact checked by
Sangram Mohanta

Last Updated on June 3, 2024 by TOP FOREX BROKERS REVIEW

The successful introduction of Jupiter's JUP token represents one of the most extensive airdrops of tokens in the history of cryptocurrencies. Just under one million wallet bearers were awarded JUP tokens valued at an astounding $700 million.

On January 31, Jupiter, a decentralized trading aggregator based in Solana, conducted the distribution of its native token, JUP, to nearly one million purses. The founder of this project disclosed the launch particulars in a forum entry, wherein he also disclosed modifications to the initial supply of JUP in circulation. 1 billion of the 10 billion JUP tokens in the total supply was designated for airdrop distribution.

This 10% distribution of the overall supply was to involve and incentivize the community. The allocation incorporated provisions for contingencies, launch pools, and liquidity requirements, exemplifying a more comprehensive approach to bolstering Jupiter's ecosystem.

Those who interacted with the Jupiter platform before November 2, 2023, were the intended recipients of the retrospective airdrop; 955,000 wallets were declared eligible. This triumphant launch demonstrates the Solana network's scalability and dependability, while also providing advantages to JUP holders.

Jupiter intends to disseminate a cumulative quantity of 4 billion JUP tokens in four airdrop waves. Among these tokens, 50% will be designated for community distribution and the remaining portion will be utilized for team and operational requirements.

Jupiter provides its users with optimized transaction execution and an enhanced trading experience by utilizing Solana's blockchain technology, which capitalizes on the speed and cost-effectiveness of the blockchain.

Should you buy Jupiter Coin (JUP) now?

Let’s see the complete outlook from the JUP/USDT technical analysis.

Jupiter (JUP) Key Features To Look At

Jupiter consolidates liquidity from numerous decentralized exchanges (DEXs) on Solana to offer users optimized trading prices and diminished slippage. This increases the likelihood of obtaining the most favorable transaction price while minimizing the money lost to fees.

Other key features are mentioned below:

  • By composing articles or other content for the platform, users can earn JUP tokens through Jupiter's one-of-a-kind "Write2Earn" feature. Earning rewards while participating in the Jupiter community is highly recommended. 
  • By utilizing the Solana blockchain, Jupiter can offer its consumers reduced transaction fees. As a result, it is considerably more cost-effective than numerous alternative DEXs. 
  • Jupiter is constructed upon the dependable and extremely secure Solana blockchain platform. Additionally, the platform safeguards user funds with various security measures, including smart contracts and multi-signature wallets. 
  • Jupiter is home to a robust and expanding community of developers and consumers. This community is an invaluable resource for new users and is actively engaged in developing the platform. 

Jupiter (JUP) Bulls Hold After Listing

Jupiter (JUP) Bulls Hold After Listing

Jupiter (JUP) long-term price forecast depends on how the price reacts after launching in major exchanges. As of now, a limited date is present to determine the future price based on technical analysis. However, the recent price shows no significant reversal after the launch, which suggests that initial investors are still hoping for upward pressure.

The hourly chart shows a downside correction within the descending channel formation, where the 50% Fibonacci retracement level is protected at the 0.4518 level. The current price trades above this line, so we may consider it a premium zone.

Based on the hourly chart, an extensive downside correction and a valid bullish reversal from the discounted area could signal a long opportunity, above the current all-time high level.

Jupiter (JUP) Long-term Growth Forecast

Jupiter (JUP) Long-term Growth Forecast

On the bearish side, a pump and dump scheme could be challenging for bulls as the price can rebound immediately with a counter-impulsive pressure.

In the long-term growth forecast, a valid break above the 0.8724 level could increase the price to the 1.00 psychological level. Above this level, an open space is present with no significant barrier. 

From the current swing, the 161.8% Fibonacci Extension level is at 1.392, which could be a potential target level in 2024. However, an extensive buyer accumulation can increase the price towards the 2.2344 level, which is the 261.8% Fibonacci Extension level.

The current crypto market cap has yet to move 86% higher before reaching the current all-time high level, which signals a positive outlook for the altcoin market. However, the supply-demand and solid background could bring the JUP price above the 1.00 and even 5.00 level in 2024.

Is Jupiter (JUP) A Buy?

Based on the current market outlook, Jupiter's (JUP) price outlook is potential for bulls, but significant selling pressure is pending from the current launch. A solid fundamental background is needed before anticipating a long-term bullish outlook on this coin.

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