Solana Tests Make-or-Break Support Level as Jupiter Nears Bullish Breakout
Solana (SOL) wobbles near critical support—slip below could trigger cascading liquidations. Meanwhile, Jupiter (JUP) coils for a potential breakout, teasing traders with its third retest of resistance this month.
Market watchers eye SOL’s order books: a hold above $120 keeps bulls in play, but failure here might send algos into sell-overdrive. JUP’s chart paints a clearer picture—volume spikes on each approach to $0.45 suggest accumulating interest.
As usual, the ’smart money’ claims they saw it coming—right after they finish adjusting their hedge positions.
Solana’s Price Dynamics: A Month of Recovery After Long-Term Declines
Solana saw an 18.09% price increase over the last month, showing signs of renewed market interest. Over the past six months, the coin experienced a 26.46% decline, reflecting a sustained downward trend. The recent monthly bounce indicates a possible short-term turnaround against the backdrop of a longer period of weakness.
SOL is currently trading between approximately $110 and $171, with nearby resistance at $195 and firm support around $72. Recent weekly gains of 3.71% suggest some bullish movement, though bears may still exert influence. Traders might consider entering NEAR support levels and looking for profit opportunities as the price approaches resistance.
Jupiter’s 1-Month Surge Amidst a 6-Month Decline
Jupiter experienced a significant 33.11% jump over the past month, despite a sharp decline of 45.43% over the last six months. Recent price action shows contrasting trends, with the short-term strength highlighting its ability to recover while still facing long-term bearish pressure. The coin’s history has been marked by volatility, where rapid gains often followed by equally significant losses create uncertainty in its movement.
Current prices fluctuate between $0.34 and $0.55, with resistance positioned at $0.63 and support around $0.22. The RSI reading at 64.78 indicates a slight bullish momentum, yet the overall trend remains unclear. Traders may look to engage at resistance near $0.63 while monitoring the support level at $0.22 for potential trading opportunities.
Conclusion
SOL is testing a key support level, and its future movement is crucial. It needs to hold this support to avoid a drop. In contrast, JUP is nearing a bullish breakout point. This suggests potential upward movement if the breakout happens. Both coins are at critical stages, with SOL needing to maintain support and JUP poised for possible gains.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
