Jupiter [JUP] rose more than 12% over the past 24 hours, with weekly gains exceeding 15%. Daily trading volume surged 109% to over $80 million, driven by activity in the Solana ecosystem.
The gains were supported by both technical factors and fundamental developments. Jupiter's Strategic Reserve executed a buyback program aimed at reducing circulating supply and creating demand. The reserve added 143,572 JUP in the past 24 hours, bringing the month's total to 1.013 million tokens, with total accumulation in the Litterbox Trust now at 165.637 million tokens.
Recent discussions about network fees also contributed to the rally. Solana founder Anatoly Yakovenko highlighted fee differences between networks, noting that Robinhood's 10% share of Arbitrum One fees was over four times larger than fees on Solana. This attention to Solana's low-cost structure sparked broader interest across the Solana ecosystem, with other tokens also gaining double-digit returns.
Jupiter maintained a significant position among decentralized exchange aggregators, controlling 10% market share over the past 90 days according to Token Terminal data, with total DEX volume during that period at $487.2K.
Price Action and Technical Levels
JUP price was attempting to break past a rising trend channel established since August 21st. Technical indicators showed net volume of 1.81 million JUP bought at the time of reporting, with the Stochastic RSI at 73, suggesting potential for higher prices if the token maintains support above the ascending resistance near $0.25.
If sellers rejected the price at the channel's resistance, the token could fall to $0.23 or the demand zone at $0.21. However, bulls remained in momentum, with the Stochastic RSI having entered the overbought zone three times during the month and net volume remaining positive on average.
