Solana and Jupiter Defy Market Turmoil with Bullish Surge

Amidst market volatility, Solana (SOL) and Jupiter (JUP) have demonstrated resilience. SOL surged towards $200, driven by meme coin trading. Despite a retracement, SOL's bullish structure and strong demand suggest potential gains. JUP showcased a firmly bullish outlook, climbing towards its all-time high of $2. Indicators reveal sustained buying pressure and bullish sentiment in both SOL and JUP, indicating potential for further upside.

Solana and Jupiter Surge Amidst Market Turmoil

Despite a recent sell-off in the cryptocurrency market, Solana (SOL) and Jupiter (JUP) have exhibited remarkable resilience, showcasing their bullish potential in the short term.

Solana's Upward Momentum

Solana surged towards the $200 mark as the trading activity of meme coins accelerated in March. The increase in unique addresses interacting with the network indicates sustained demand, potentially propelling the token past its local high of $209 in the coming weeks.

Technical analysis of SOL on the 12-hour chart reveals a bullish market structure. The swing low of $105 established in early March remains a crucial level for bears to overcome. At the time of writing, the probability of a significant pullback appears minimal.

The Relative Strength Index (RSI) never dipped below the neutral 50 mark during the recent Bitcoin (BTC) price decline, unlike many other large-cap altcoins. The On-Balance Volume (OBV) is gradually recovering, suggesting that buyers are steadily accumulating.

Although trading volume declined in the second half of March, it is noteworthy that prices recovered from the dip to $160. This indicates that the bullish conviction observed earlier this month remains intact.

A look at the monthly heatmap identifies $200.5 and $180 as the closest areas of interest. Beyond these levels, $210 and $170 have also accumulated significant liquidation levels. Solana is poised to ascend further and capture the liquidity at $200 and $210, assuming Bitcoin does not encounter significant selling pressure.

Jupiter's Bullish Outlook

Jupiter, currently ranked as the 61st largest cryptocurrency by market capitalization, is approaching its all-time high of $2. The 6-hour chart exhibits a firmly bullish market structure.

The OBV has remained above its local lows even during price retraces to the 50% Fibonacci level, indicating that selling pressure is not dominant. The RSI has also consistently stayed above 50 for most of March, reinforcing the uptrend.

Two strong demand zones exist between $1-$1.2 and $0.71-$0.8. A revisit to these areas would present an attractive risk-to-reward opportunity for investors and swing traders.

While the OBV has plateaued, the spot CVD has surged in the past three weeks, indicating sustained buying pressure from bullish investors. The futures market also reflects positive sentiment, with the Funding Rate and Open Interest rising in line with the price surge.

Conclusion

Solana and Jupiter have demonstrated their resilience amid market volatility, showcasing their bullish potential for the short term. Technical analysis suggests that SOL is poised to climb higher, while JUP is nearing its all-time high. Investors should closely monitor these assets as they navigate the dynamic cryptocurrency landscape.