Jupiter crypto price prediction – Should you buy this Solana-based token now?

• Jupiter, at press time, was trading at a demand zone, but buying pressure was lethargic
• Further losses can be anticipated as the price moves towards the next key liquidity zone

Jupiter [JUP] crypto seems to be in a tough spot in the market. The token’s price has dropped by 26% in two weeks, with the trading volume falling by 18% in the last 24 hours alone – A sign of bearish market sentiment.

The Solana [SOL] liquidity aggregator has not attracted many buyers recently, even though the token was trading at an attractive demand zone. Will the bulls halt the sellers, or should we expect a deeper drop?

The 78.6% retracement level might not hold

The market structure on the daily chart was bearish once more. Jupiter appeared to form a range that extended between $0.736 and $0.913, but the last few days of trading have taken it below the lows.

The $0.69-$0.78 zone was a demand zone since April and has been tested multiple times. A daily session close beneath the 78.6% Fibonacci retracement level at $0.76 has also happened many times.

A drop below the lows of 5 August at $0.658 would be a sign that $0.47 is the next price target. The OBV has also declined slowly over the past six weeks to show a lack of buying pressure. Finally, the daily RSI reflected bearish momentum with a reading of 40.

Bullish reversal potential for Jupiter under the retracement level

Once the 78.6% level is beaten, the 100% retracement level is usually the next target. AMBCrypto noticed that in Jupiter’s case, it might not play out in this case.

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Realistic or not, here’s JUP’s market cap in BTC’s terms

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This, because a large pool of liquidity has built up at $0.6 over the past three months. A drop to this zone to collect the liquidity would likely be followed by a swift price rebound for JUP.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion