Jupiter has overtaken Kamino Finance to become Solana's largest lending market, according to DefiLlama data. The platform now hosts $1.214 billion in active loans—nearly half of all capital borrowed on Solana—representing 14% growth over the past month. Kamino Finance, the previous leader, holds $981 million in active loans, down 4.75% in the same period.
The shift coincides with Jupiter's token price rising 15% over the past 24 hours, building on weekly double-digit gains and a 48% monthly increase. Year-to-date, JUP has climbed more than 100%. Jupiter's total value locked has grown by over $500 million since mid-August.
Mixed Signals Despite Growth
Lending market expansion has generated mixed trader sentiment. Whale positions remain bullish across exchanges, while retail and smart money activity shows divergence. On Binance, the long-to-short ratio for all categories exceeds 1.43, though on OKX it falls to 0.84, suggesting bearish sentiment among some traders.
Jupiter's Strategic Reserve, Litterbox, accumulated 208,176 JUP this month, bringing the monthly total to 1.023 million tokens. The protocol has executed 175.35 million tokens in total buybacks, with over 134 million burned.
Technical Outlook and Ecosystem Risk
Jupiter has broken out from a two-week consolidation range between $0.3136 and $0.3505. Technical indicators show buying momentum, with potential resistance at $0.45, though support levels exist at $0.35 and $0.3136.
A notable concern is Jupiter's decoupling from Solana's price movement. The correlation coefficient with SOL stands at -0.27, indicating JUP is rising while Solana weakens. This divergence introduces risk, as deteriorating sentiment across the broader Solana ecosystem could limit Jupiter's upside despite its lending dominance.
