• The market cap of JUP, the native token for Jupiter, crossed $1 billion.
• Other protocols such as Jito also saw growth.

Solana [SOL] managed to attract a large number of users to its ecosystem over the last few months. But it isn’t just SOL that has benefited from the influx of new users on the network.

Decentralized exchanges (DEXes) such as Jupiter also witnessed immense growth, which translated into interest in the JUP token as well.

From Jupiter to the Moon

JUP was one of the top four newly issued tokens in 2024 with a market value exceeding $1 billion.  Over the last 24 hours itself, the price of JUP has grown by 6.04%. At press time, the token was trading at $1.04.

The exchange also did really well in terms of overall transactions and activity, which surged significantly over the past month.

A flourishing ecosystem

But Jupiter Exchange wasn’t the only Solana protocol that was witnessing growth. Other protocols, such as Jito, also observed a spike in interest. Jito is a protocol that helps address stake their SOL.

At press time, JTO, the native token for the Jito protocol, was trading at $3.18 and its price had surged by 5.97% over the past month.

Despite the surge in price of both these tokens, the social activity around the tokens was showcasing negative signs over the last few weeks.

AMBCrypto’s data revealed that the Social Volume and Weighted Sentiment for both JTO and JUP had declined significantly.

This indicated that, despite the overall progress of these tokens, they had hit a bump in the road in terms of gaining popularity across social media platforms.

It may take some time for these protocols to regain interest of the crypto sector in the future.

Despite the waning popularity of both these protocols and tokens, its progress pointed to the fact that not only is the Solana network is benefitting from its popularity, but its overall ecosystem is growing as well.

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Read Solana’s [SOL] Price Prediction 2024-25

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At press time, SOL was trading at $142.72 and its price had grown by 4.67%  in the last 24 hours. The volume at which SOL was trading at had also grown by 12.06% during this period.

It remains to be seen whether SOL manages to maintain this rally in the long run.

• Bitcoin price has rallied 8% so far after an explosive start to 2023.
• A flip of the 200-weekly SMA at $24,646 will open the path for BTC to retest $30,000.
• Invalidation of the bullish thesis will occur if BTC flips the $15,443 support level.

Bitcoin price has begun its ascent after a steep bear market correction. This massive upswing began after a fresh start to 2023, but things could get interesting if BTC can flip a certain level into a support floor.

Also Read: Bitcoin Weekly Forecast: Assessing shift in BTC’s narrative and critical levels to watch

Bitcoin price oozes bullishness

Bitcoin price has shed 77% from its all-time high of $69,000. This downtrend was a result of investors booking profits combined with the collapse of key players in the industry in a feedback loop.

Each move kept adding more pressure to the industry participants, causing them to crumble and file for bankruptcy, which added more pressure on the Bitcoin price to slide lower.

Regardless, 2023 had a good start as BTC is up roughly 36% so far, with an 8% rally overnight that has pushed Bitcoin price above a critical hurdle at $21,383. This development now puts the bulls against one major blockade.

This resistance level is a confluence of the horizontal barrier at $23,384 and the 200-week Simple Moving Average (SMA) at $24,645. The last time Bitcoin price slipped below this SMA was in June 2022 and briefly in March 2020. 

An interesting observation to make here is that in its 12-year history, Bitcoin has never stayed below this support level for a prolonged duration. Therefore, bulls are likely going to target this hurdle next.

A successful flip of this confluence, especially the $24,645 into a support floor on a weekly timeframe, will open the path for Bitcoin price to retest the $30,000 hurdle. 

BTC/USDT 1-week chart

While things are looking up for Bitcoin price, this is the first time in the 12-year history BTC has stayed below the 200-week SMA for more than two weeks. But since the 2022 bear market has pushed the big crypto below this level at $24,645, it is a significant move from a macro perspective that investors need to be cautious about.

Although the bullish outlook seems unfadeable, a rejection at a 200-week SMA at $24,645 will be a crucial sign for bears. A secondary confirmation of the bearish outlook will occur on the breakdown of the $19,301 support level.

A weekly candlestick close, however, below the $15,443 level will create a lower low and invalidate the bullish thesis. In such a case, Bitcoin price could slide as low as $11,387.

 

Ethereum classic was one of the biggest movers to start the weekend, as prices surged to a six-week high. The move saw the token climb by as much as 12%, breaking out of a key resistance level in the process. Polygon also moved higher, as it raced towards a recent price ceiling.

Ethereum Classic (ETC)

Ethereum classic (ETC) rose to a six-week high on Saturday, as prices rallied by as much as 14%.

Following a low of $17.94 on Friday, ETC/USD raced to a peak of $20.68 earlier in today’s session.

As a result of today’s move, ETC broke out of a key resistance level of $20.00, hitting its highest point since November 26 in the process.

Looking at the chart, today’s surge came as the 10-day (red) moving average crossed over its 25-day (blue) counterpart.

Recent rallies have also pushed the 14-day relative strength index (RSI) close to overbought territory, with the indicator tracking at its highest point since last August.

Earlier gains have already begun to fade, with previous bulls likely moving to take profit at the level.

Polygon (MATIC)

Polygon (MATIC) was another notable gainer to start the weekend, with the token climbing for a second straight day.

MATIC/USD raced to a high of $0.8105, which is over 3% higher than Friday’s low at the $0.774 mark.

Today’s gain has pushed polygon closer to a key resistance level of $0.8200, which was last hit on December 27.

As can be seen from the chart, today’s surge has also led to a collision with a ceiling on the RSI, with the index hitting its resistance of 49.00

Due to this, earlier gains have somewhat eased, and as of writing, MATIC/USD is trading at the $0.8039 point.

In order for MATIC to extend recent gains to a third session, price strength will first need to overcome the 49.00 ceiling on the RSI.

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Could polygon rally beyond this resistance level in the coming days? Let us know your thoughts in the comments.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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