Key Takeaways
- Jupiter's (JUP) price surged 10% on Monday, approaching a critical descending trendline that could trigger a bullish breakout.
- Open Interest (OI) for JUP reached $160.43 million, marking the highest level since February 21, per CoinGlass data.
- Technical indicators signal an impending rally, fueled by trader optimism, with a target of $0.87.
Market Overview
Jupiter (JUP) gained over 10% in Monday’s trading session, nearing a pivotal descending trendline. The spike in Open Interest—up from $122.72 million to $160.43 million—reflects renewed market confidence and fresh capital inflows, potentially driving JUP’s current uptrend.
Bullish On-Chain Metrics
- Open Interest: The $160.43M OI (highest since February 21) signals strong trader engagement.
- Long/Short Ratio: At 1.24, this metric shows the highest bullish sentiment in over a month.
👉 Discover how Open Interest impacts crypto trends
Technical Analysis: JUP Targets $0.87
JUP’s price action suggests a potential breakout above the descending trendline (connecting highs since early December). A confirmed close above the weekly resistance at $0.67 could propel prices toward the 50% Fibonacci retracement level ($0.87), representing a 28% upside.
Key Indicators:
- RSI: 66 (strong bullish momentum, not yet overbought).
- MACD: Bullish crossover with rising green histograms above neutral.
Support Level: A pullback could test the 50-day EMA at $0.50.
Broader Market Context
- USD/JPY: Fell 9% in H1 2025—its best performance in years.
- U.S. Jobs Data: Strong June non-farm payrolls tempered Fed rate-cut expectations, lifting 10-year Treasury yields to 4.35%.
- Equities: S&P 500 (+0.83%) and Nasdaq (+1.02%) hit record highs.
👉 Explore crypto’s correlation with macro markets
Bitcoin Spotlight
BTC briefly surpassed $110K (July 4), nearing its all-time high of $120K. Current price: $109,483.
FAQ Section
Q: What drives Jupiter’s price rally?
A: Rising Open Interest, bullish technicals, and broader crypto market optimism.
Q: Is JUP’s rally sustainable?
A: Yes, if it holds above $0.67; otherwise, a retest of $0.50 is likely.
Q: How does BTC’s performance affect altcoins like JUP?
A: Positive BTC momentum often lifts altcoin sentiment and liquidity.
Q: What’s the significance of the Long/Short Ratio?
A: Values >1 indicate dominant bullish bets, supporting price uptrends.
Q: Could macro factors impact JUP?
A: Yes—Fed policies and equity market trends indirectly influence crypto markets.
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