Jupiter Price Set to Surge Past $1.5 Following $2 Billion Token Burn

Significant Token Burn Proposal

Jupiter price has recently surged following a bullish breakout, with the asset potentially set for further gains.

The recent development involves a proposal from Jupiter Exchange to burn 30% of the total supply of JUP tokens held by the team.

The proposal, which will conclude on August 4, suggests burning approximately $2.88 billion worth of JUP tokens, marking it as potentially the largest token burn in crypto history.

Jupiter Exchange, renowned as the largest DAO globally and the most utilised decentralised exchange on the Solana blockchain, has sparked interest with this proposal.

If approved, the burn will be executed gradually over six months, reducing the total supply from 10 billion to 7 billion tokens.

Current Price Trends and Predictions

The JUP price chart indicates an overall uptrend following a breakout from a falling wedge pattern.

The price has shown higher highs and higher lows since mid-June and remains above the 50-day exponential moving average (EMA), suggesting a continued bullish trend.

Recent candlestick patterns resemble a double top, which could signal a bearish reversal if the price falls below the neckline around $0.95.

Key support and resistance levels for Jupiter price are:

• Support: Approximately $0.88, aligning with recent price action and the 50-day EMA.

• Resistance: Around $1.11 and $1.28, where the price has previously encountered challenges breaking through.

Technical Indicators

The Relative Strength Index (RSI) stands at 51.96, indicating moderate bullish momentum without being overbought.

The Moving Average Convergence Divergence (MACD) line is above the signal line, reflecting bullish momentum, with positive values in the histogram reinforcing this.

Increased trading volume during the breakout phase supports the current trend, while recent volumes remain steady, demonstrating ongoing interest.

A significant risk for JUP price is if it drops below $0.68 and fails to rebound.

Such a move could indicate market weakness, turning the price bearish and invalidating the current bullish outlook.

In this scenario, Jupiter price might decline further to the next major support level around $0.49.