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- JUP price has retested a key resistance line after bouncing above $1.<\/li>\n
- Crypto analyst Rekt Capital suggests holding above support level will help bulls soar.<\/li>\n<\/ul>\n
As Solana price surges above $240 and nears its all-time high, crypto analyst Rekt Capital says Jupiter (JUP) could follow suit.<\/p>\n
The native token of the decentralized exchange (DEX) aggregator, which counts as a major ecosystem player for Solana, is attracting attention for its potential.<\/p>\n
\u201cJupiter was able to successfully retest the previous resistance area (red) into new support. In fact, JUP performed a volatile downside retest into the multi-month blue diagonal resistance as well. Continued stability here and JUP could follow SOL,\u201d the analyst wrote<\/a> on X on Nov. 18.<\/p>\n
Here\u2019s the chart the analyst shared, indicating possible support levels for JUP on the weekly time frame.<\/p>\n
![\"\"](\"https:\/\/coinjournal.net\/wp-content\/uploads\/2024\/11\/jup-chart-rekt-capital.jpg\")
JUP weekly price chart by Rekt Capital<\/figcaption><\/figure>\n JUP price at key level<\/h2>\n
Earlier, the analyst had pointed to JUP\u2019s bullish weekly close above $1.10. Noting that price was \u201cshowing initial signs of support,\u201d Rekt Capital said<\/a>:<\/p>\n
\u201cJUP will need to form a base here at the red region to enable a move above $1.29 (black) which needs to be reclaimed for future trend continuation.\u201d<\/p>\n
The altcoin rose to above $1.30 on Nov. 17, breaking to highs last seen in May. While profit taking deals have pushed JUP lower to $1.20, sentiment suggests a rebound is imminent. At the time of writing, JUP is hovering above the psychological $1 level, having bounced from lows of $1.04 to retest levels seen in May.<\/p>\n
Breaking to the supply zone means a rally riding broader market momentum could see buyers target the all-time high of $2.00 reached in January 2024.<\/p>\n
On the downside, the rejection at $1.30 could see bears push JUP beyond the primary support area. A retreat to below the horizontal support near $0.70 will bring the $0.50 area into view.<\/p>\n