JUP, the native token of the Solana-based decentralized exchange Jupiter, has been on a tear in the past few weeks.

This analysis highlights the price targets that JUP holders need to look out for.

Solana (SOL)-based decentralized exchange (DEX) Jupiter’s native token JUP has been rallying strongly in recent weeks. It currently trades at $1.01, surging by 25% over the past month. BeInCrypto analyzes its technical and on-chain setup to assess the possibility of an extended rally and identify price targets that JUP holders should watch out for.

After a double-digit rally in the past month, JUP’s price has pushed above the Ichimoku Cloud, a key indicator that BeInCrypto uses to track the momentum of an asset’s market trends and identify potential support/resistance levels.

When an asset’s price remains above the cloud, it signals a strong bullish trend, showing that buyers are in control and the market sentiment is positive. Notably, JUP’s price has stayed above the cloud on the daily chart since October 18, hinting at potential support levels.

Moreover, the cloud also serves as a lagging indicator, suggesting that JUP’s recent bullish momentum is likely to continue. As the token’s price remains above the cloud on the lower timeframes, it could face minor pullbacks that might find support at the cloud. However, this setup suggests that the asset’s price is bound to find support near the cloud, helping maintain the uptrend.

On the other hand, the Aroon Up Line for JUP is at 100%, confirming the strength of its current uptrend. The Aroon indicator measures the direction and momentum of a trend. A 100% reading on the Up Line suggests that the asset has recently hit a new high. In JUP’s case, this marks its highest price point in 30 days.

This 100% reading is a strong bullish signal, indicating solid upward momentum. For JUP, this reading suggests that buyers have been dominating the market throughout its 30-day bullish trend, making further price increases likely in the near future.

As of press time, JUP is trading at $1.01, nearing the crucial resistance level at $1.09. If buying pressure continues, JUP could break above this resistance and aim for the next critical barrier at $1.23. A successful breakout would set its sights on the six-month high of $1.38.

However, if profit-taking occurs, JUP may lose its recent gains, dropping toward the support levels within its Ichimoku Cloud at $0.90 and $0.86. A breach of these supports could send the altcoin tumbling to its July 5 low of $0.63.