The Jupiter (JUP) token has shown a 10% rise in the past 24 hours, currently trading at $0.6199. However, an upcoming token unlock of $33 million may affect short-term prospects.
Increase in JUP Token Prices
In the past 30 days, the price of Jupiter token has increased by more than 50%, rising from a weekly low of $0.5215 to the most recent local high of $0.6574. Nonetheless, the current price is still 69% below its peak of $2.00, reached in January 2024.
Risk from Token Unlock
According to Tokenomist data, 53.47 million JUP tokens, valued at approximately $33 million, are scheduled to unlock on July 28. This represents about 1.28% of the current circulating supply of 3 billion tokens. So far, only 42% of JUP’s total supply of 7 billion has been unlocked. Token unlocks often result in additional selling pressure, especially when market sentiment is positive.
Technical Analysis and Possible Scenarios
The daily chart for Jupiter shows a clear upward trend, with price rising along the upper Bollinger Band. The most recent candle closed at $0.6207, just below the upper band at $0.6378, indicating strong bullish momentum. The relative strength index (RSI) at 65.7 is approaching the overbought region, suggesting caution. If the price breaks above $0.6574 with strong volume, it might target $0.70.
Jupiter (JUP) faces pressure ahead of the anticipated token unlock, which could impact short-term prospects. Investors and traders should consider current market conditions and potential changes in trading volume.
