Jupiter [JUP] is in the news today after it hiked by more than 15% in the last 24 hours, outperforming both Bitcoin [BTC] and the broader crypto market. Its daily trading volume surged by 72%, hitting $48 million too.
That’s not all though as the Solana [SOL] DEX Aggregator seemed to be up by this margin due to a couple of factors too. Hence, it’s worth looking at the finer details here.
3 catalysts behind Jupiter’s double-digit rally
To start with, Jupiter added its own stablecoin, JupUSD, to Jupiter Liquidity Provider (JLP) as a custody asset. This step makes it possible for the planned $500 million USDC-to-JupUSD transition inside Jupiter’s perps pool.
JupUSD is now the sixth asset after Solana [SOL], Bitcoin [BTC], Ethereum [ETH], USDC and USDT. As such, the stablecoin addition means more liquidity into the exchange.
This has further reignited talks of Jupiter building its own Omnichain Ledger. This move echoes Jupiter’s growth since 2021 from a swap aggregator into a full on-chain finance system. In fact, Jupiter drives more than 80% of total retail liquidity on movement on Solana.
That is not all there is though. Jupiter Strategic Reserve, Litterbox Trust, is creating buying pressure in the market as well as shrinking supply.
Over the last 24 hours alone, the strategic reserve added 356,726 JUP. This, on top of 14.44 million JUP bought last month, taking the total locked JUP tokens to 143.8 million.
On the supply tokenomics side, a total of about 134.55 JUP have been burned from the reserve’s effort.
This is a big step towards reducing total supply of the token after 3 billion tokens were burned in January 2025. The altcoin’s total supply is now below 7 billion, down from 10 billion.
Has JUP reclaimed the lost trendline support level?
JUP showed similar strength on the 4-hour chart, as it attempted to reclaim the lost trendline support level. The altcoin has traded above the trendline for the better part of June, but it was lost in the last five days of the month.
At press time, JUP’s price was above this level. However, it was yet to create a base above it to ascertain a true shift. If the price stays above the minor resistance at $0.24, it may mean that the altcoin could push to $0.28.
This scenario can probably be supported by the market’s buying pressure too. In fact, Net Volume revealed that more than 800K JUP were bought on the day as bulls reclaimed market momentum.
All in all, turning the resistance into support would mean a trend shift in the short term. Otherwise, failure would extend the bear structure that had started to form.
Final Summary
- Jupiter rallied by more than 15% after JupUSD’s integration into JLP, talks of its own Omnichain Ledger, and its strategic reserve accumulation.
- JUP’s price action reclaimed its lost trendline support, but was yet to form a base level at press time.
