With Solana's growing dominance in the decentralized crypto market, key Solana-based decentralized applications are gaining attention. Let's evaluate the current standing for three significant altcoins on this platform: Jupiter, Raydium, and Jito Finance.
Analysis of Jupiter (JUP)
The altcoin Jupiter is showing a bullish breakout from its long-standing falling wedge pattern. A golden crossover is anticipated between its 50-day and 200-day moving averages, suggesting potential growth. According to Fibonacci levels, the upcoming reversal rally is set to challenge the 50% Fibonacci level at the psychological mark of $1. Supporting the bullish trend, the daily RSI line is on the verge of entering the overbought category. The Jupiter exchange has reached a new total volume log of $1.55 billion, reinforcing the possibility of reaching the $3 mark at the 1.618 Fibonacci level.
Analysis of Raydium (RAY)
Raydium is experiencing an exponential rally on the daily chart and has surpassed Uniswap in 24-hour DEX volume to become the largest DEX across all chains. This has resulted in a 126% surge over the past two months, rebounding from crucial support at $1.38, which could see continued growth to the 1.618 Fibonacci level at $3.51. Currently, Raydium is trading at $3.4341, with a small intraday pullback of 1.26% following a 16% leap. The next potential targets for growth in the near term are $4.82 and $6.14, matching the 2.618 and 3.618 Fibonacci levels, respectively.
Potential of Jito Finance (JTO)
Despite forming a lower-high on the daily chart, Jito Finance is preparing for a bullish reversal. It has crossed above the 200-day EMA and surpassed a crucial resistance trendline. With three consecutive bullish candles, its price has increased by nearly 50%, aiming at the 23.60% Fibonacci level. The growing bullish influence also marks a golden crossover between the 200-day and 50-day EMAs. As bullish momentum continues, the trend-line breakout could reach the 78.60% Fibonacci level, near the starting point of the resistance trendline at $4.238, with a critical resistance at the 50% Fibonacci level of $3.38.
Solana continues to polarize the crypto market, drawing attention to its key altcoins. Jupiter, Raydium, and Jito Finance demonstrate potential for significant growth, with current trends and technical levels enticing further investment.
