- Oh dear, Jupiter’s been having a rough time, hasn’t it? Daily active addresses and transactions have been on a downward spiral for weeks now.
- And if that wasn’t enough, Jupiter’s volume has gone through the roof while revenue hit an all-time low. Talk about a bearish market sentiment!
Jupiter [JUP] has been in a bit of a pickle over the past month, experiencing a 34.29% decline. To make matters worse, it’s seen an 11.38% drop in the past 24 hours. Ouch!
On-chain data suggests that market participants are feeling rather bearish, which means the decline might not be ending anytime soon. In fact, AMBCrypto found that JUP could plummet to a low of $0.40.
Market activity could push JUP even lower
Market activity has been on a steady decline over the past month, with daily active addresses and transactions hitting new lows. How depressing!
According to data from Artemis, daily active addresses plunged from 724,400 on February 10 to 433,800 at the time of analysis. This sharp decline signals reduced market participation. Yikes!
This drop coincided with a significant decline in daily transactions. From a high on January 19, transactions fell to a yearly low of 1.1 million, at press time. Double yikes!
The decline in transactions on Jupiter is linked to the drop in active addresses, indicating reduced activity, which has contributed to JUP’s price decline. Can’t say we’re surprised!
This decline in activity has been accompanied by a spike in Trading Volume, while revenue has fallen to a new low. 😱
At the time of writing, trading volume across Jupiter peaked at $531.9 million, a level last seen on February 12. A spike in volume alongside a falling price suggests the market is in a distribution phase, with more sellers dominating. 😈
During this phase, Jupiter’s revenue plummeted to $7,870 from a monthly high of $27,670 and an all-time high of $149,930. 💸
A consistent drop in revenue negatively impacts price, as it indicates lower liquidity on the platform. 💧
With bearish sentiment prevailing, AMBCrypto analyzed JUP’s next move and found that further decline could be imminent. 😱
A drop to $0.43 hinges on support
JUP has entered a key support zone on the daily chart, which has previously triggered price rallies on four occasions. If the same pattern holds, the asset could break the descending resistance line, leading to a rally toward $1.40. 🚀
However, if the $0.718 support level fails, JUP could see a major drop to $0.43, representing a 39% decline. 💸📉
Given the current market sentiment favoring the bears, JUP is more likely to breach support and fall to the target level. 🐻🎯
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2025-02-19 07:06