Jupiter (JUP) Price Prediction 2023-2024: Will JUP’s Fundamentals Hold Up?

In the past 24 hours, Jupiter [JUP] has seen a minor price increase, gaining 1.77% in an attempt to clear its weekly loss of 4.21%.

Over the past 24 hours, Jupiter [JUP] has experienced a minor price increase, gaining 1.77% in an attempt to clear its weekly loss of 4.21%.

While positive developments in its ecosystem presented a bullish opportunity, traders’ bearish activities could potentially override this, causing JUP to extend further downward.

Will JUP’s fundamentals hold up?

A recent announcement by Jupiter Exchange, the platform behind the JUP token, revealed plans to utilize 50% of transaction fees generated to buy back JUP from the market.

Such a move indicated Jupiter’s intention to reduce the circulating supply of JUP by purchasing and holding the token. This strategy aimed to induce a supply squeeze, potentially causing the altcoin to rally.

By calculation, $600 million would be spent on this action this year, representing 25% of JUP’s $2.4 billion market capitalization.

Source: Artemis

However, despite this fundamental factor appearing bullish, market participants were not responding positively, and there was a drop in active usage, adding downside pressure to JUP.

Downside pressure persists

Data from Artemis showed a significant decline in market activity and engagement across JUP’s ecosystem, adding to the downside pressure on the asset.

On the 23rd of January, daily transactions involving JUP totaled 83,500, signaling positive growth. However, this number dropped drastically, reading at 22,800 at press time.

Source: Artemis

Within the same period, the number of daily active addresses (DAA) fell from 855,800 to 801,800, a decline of 54,000.

The combination of declining active addresses and transactions suggested reduced activity within the ecosystem, and JUP’s price could trade below its current level.

Where next for JUP?

The chart showed that JUP was recently rejected at a key resistance level within the symmetrical channel in which it trades. This channel comprises converging support and resistance levels.

When the price is rejected at the resistance level, the asset could potentially drop lower.

In this case, two potential levels for a fall existed: first, a base support at $0.7904, and second, the main support of the symmetrical channel.

Source: TradingView

Read Jupiter’s [JUP] Price Prediction 2025–2026

From this level, JUP could rebound, making another attempt to break above the resistance level. If successful, it could reach the pattern’s peak at $1.44.

Overall, current market activity suggested that the altcoin could slide further down, exiting the $1 region it recently reclaimed.