Jupiter Price Prediction: Solana Token JUP Rebounds with 8% Surge, But Analysts Say Consider Polygon’s Meme Coin SpongeV2 for 100x Gains

adminFebruary 8, 2024

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Jupiter price surged 8% in the last 24 hours to remain close to spot prices. $0.5614 As of 9 AM EST.

This is providing some respite to the new Solana token JUP, which has plummeted more than 63% since its launch last week.

Jupiter price prediction

Based on hourly data from JUP/USDT, we see that the token has been trending downwards earlier today, as evidenced by the continued formation of lower highs and lower lows within the descending channel range.

However, the market appears to have reversed this trend, breaking through the upper end of the downward channel and showing a strong upward trend. This bullish breakout is further evidenced by a significant green candle above the previous high.

The relative volatility index (RVI) is currently at 73.10, above the midline of 50. This suggests that volatility is likely to increase further in the future and that the current bullish momentum may persist in the near term.

Additionally, the Klinger Oscillator shows positive divergence with a value of 804.717K for a signal line value of 364.794K. This difference signals the continuation of the current bullish trend.

Jupiter Price Prediction: Will JUP Continue Rising?

The Pitchfork tool set to ‘Auto’ and ‘Original’ indicates that the price has previously consolidated within the lower half of the pitchfork, indicating bearish sentiment.

However, the bullish breakout pushed the price into the upper half of the rake, which now signals a trend reversal or corrective move within the larger bearish trend as the bulls regain control.

1-hour JUP/USDT chart | Source: TradingView

Meanwhile, meme coin Sponge V2 stands out with an attractive pre-sale that promises to repeat the 100x surge since the launch of its predecessor, $SPONGE.

teaThe Solana network outage on February 6 halted the blockchain’s meme coin project, which halted trading on various exchanges. This incident highlights the need to invest money in tokens built on powerful blockchains. SpongeV2, which runs on Ethereum, is one of these as it is currently ranked by investors as one of the best meme coins of 2024.

Profitable Opportunity to Earn 100X Profits!

Sponge V2 is the successor to Sponge V1, a token that saw early investors enjoy more than 100x profits in May 2023, coinciding with the explosion in value of PEPE.

Important information 🌟
The exchange is preparing for the transition. $sponge From V1 to V2!
Check out the article below!
1️⃣ @bitgetglobal
👉https://t.co/by2YqzvyUp
2️⃣ @Mex
👉 https://t.co/dMbCUvVuG7#SpongeV2 #Cryptocurrency #web3 #altcoin #memecoin pic.twitter.com/hHSWtAurPJ
— $SPONGE (@spongeoneth) February 5, 2024

With a market capitalization of $100 million and later amassing over 13,000 holders, Sponge V1’s rapid rise has attracted industry heavyweights such as Tron founder Justin Sun.

Sun has expressed interest in the meme coin and has now purchased approximately $90,000 worth of $SPONGE tokens. This is the success that Sponge V2 is aiming to achieve, giving those who missed the Jupiter price pump entry another opportunity to profit.

I decided to actively trade meme coins and promising projects through public addresses. Any losses that may arise from these transactions will be personally borne by me, and all profits generated will be donated to charity.
— HE Justin Sun Sun Yuchen (@justinsuntron) May 11, 2023

On February 5, Sponge V1 was officially retired and all $SPONGE holders were transferred to Sponge V2 on the more secure Polygon network.

Earn rewards by staking $SPONGE

Sponge V2 offers investors the opportunity to stake their tokens at an incredible 3,438% APY. Sponge V2 also introduces additional features, the most notable of which are Play-to-Earn (P2E) games.

YouTuber Jacob Bury, who boasts over 27,000 subscribers on YouTube, believes meme coins have the potential to cause another 100-fold surge.