Solana-Based Decentralized Exchange Jupiter's (JUP) Native Token Defies Market Trend with Impressive Price Gain

The potential reason for this massive upside rally is that Jupiter has acquired a majority stake in Moonshot for an undisclosed sum.

Solana-based decentralized exchange Jupiter’s native token, JUP, is surging in the opposite direction of the overall cryptocurrency market, which is currently experiencing a downturn. This massive price gain has not gone unnoticed by traders and investors, especially given the context of the broader market trend.

The potential reason for this massive upside rally is that Jupiter has acquired a majority stake in Moonshot for an undisclosed sum. This acquisition was announced in a post on X (formerly Twitter) by Jupiter’s pseudonymous founder, “Meow.” Moonshot is a crypto-based company that enables users to buy and sell meme coins on iOS and Android.

For the first announcement of Catstanbul, i'm thrilled to share that @JupiterExchange has acquired a majority stake in @moonshot.

The team is amongst the smartest, most driven group of people i have ever met & it has been incredibly fun jamming on the future of memes together.

This acquisition will create additional growth opportunities for the decentralized exchange.

Relative to this upside rally, on-chain analytics firm Coinglass has observed that long-term holders and investors are dumping their holdings. According to data from the spot inflow/outflow, exchanges witnessed an inflow of JUP valued at $6.5 million over the past 24 hours.

This massive inflow onto exchanges suggests a potential sell-off by investors, which could increase selling pressure, leading to a short-term price correction and further price decline.

Currently trading at around $1.01, JUP has experienced a price surge of over 17% in the past 24 hours. During the same period, its trading volume increased by 95%, indicating a higher participation from traders and investors compared to the previous day.

According to technical analysis, this recent price surge has brought JUP to a strong resistance level at $1. In the past, this level has acted as a point of selling pressure. Since December 2024, JUP has reached this level twice, and both times, it experienced a price decline.

However, this time, the narrative has changed, and with the recent acquisition, there is a good chance that JUP will break through this resistance level.

Based on the recent price action, if JUP breaks through the resistance and closes a daily candle above the $1.05 mark, there is a strong possibility it could surge by 37% to reach the $1.40 level.

On the positive side, with a Relative Strength Index (RSI) of 55, JUP still has enough steam to continue its rally and reach the predicted target.