Jupiter Token JUP big pump 30% volume exceeded one trillion dollars expected to rise another 35% to 0.59 dollars

[Coin World] In the past week, Jupiter [JUP] based on Solana has received widespread attention from crypto enthusiasts due to its impressive 30% rise. This momentum not only paves the way for the potential of continued pumps but also attracts an increasing number of traders betting on the bullish side. As of the time of writing, JUP's trading price is close to $0.426, with a price increase of over 6.25% in the past 24 hours. Traders have shown a strong interest and confidence in this token, resulting in a 10% increase in volume.

What is the reason for the rise in Jupiter's price? Experts and analysts believe that the main reason behind this sustained bullish momentum is the volume of JUP's DEX transactions. On June 22, Jupiter DEX shared a report showing that its volume has exceeded 1 trillion USD, with 1.7 billion transactions. This highlights Jupiter's strong market position in the DeFi ecosystem, which not only helped the platform reach the 1 trillion USD milestone but also brought significant revenue growth.

As of the time of publication, according to data platform statistics, Jupiter DEX has generated $254,176 in protocol revenue over the past 24 hours, bringing its total revenue to an astonishing $200.65 million.

Price action and key technical levels

According to expert technical analysis, JUP looks bullish and is about to see a significant pump.

The daily chart shows that the asset recently broke through a descending trend line, forming a bullish inverse head and shoulders pattern, which seems to be on the verge of a breakout.

Based on recent price trends and historical patterns, if the current rise momentum continues and JUP breaks above the neckline of $0.43, the price is likely to soar by 35%. Therefore, the price may reach the range of $0.55–$0.59 in the near future.

MACD further strengthened this bullish outlook, as it crossed above the signal line after the recent pump.

In addition, the MACD histogram bars have turned green and appear to be increasing, indicating that bullish momentum is strengthening and suggesting a potential further rise in the coming days.

Traders follow bullish positions

Given the current market sentiment, traders seem to hold a bullish attitude as they are heavily betting on a pump according to data from blockchain analysis companies.

Data shows that traders' leverage is too high, with the lower level at $0.391 and the upper level at $0.446. At these levels, they have established long positions worth $2.17 million and short positions worth $612,000, indicating that the bulls have returned and currently dominate.