JUP worth prediction: Analyst says it might mirror SOL

• JUP worth has retested a key resistance line after bouncing above $1.
• Crypto analyst Rekt Capital suggests holding above assist stage will assist bulls soar.

As Solana worth surges above $240 and nears its all-time excessive, crypto analyst Rekt Capital says Jupiter (JUP) might observe swimsuit.

The native token of the decentralized alternate (DEX) aggregator, which counts as a serious ecosystem participant for Solana, is attracting consideration for its potential.

“Jupiter was capable of efficiently retest the earlier resistance space (crimson) into new assist. In actual fact, JUP carried out a risky draw back retest into the multi-month blue diagonal resistance as properly. Continued stability right here and JUP might observe SOL,” the analyst wrote on X on Nov. 18.

Right here’s the chart the analyst shared, indicating potential assist ranges for JUP on the weekly time-frame.

JUP worth at key stage

Earlier, the analyst had pointed to JUP’s bullish weekly shut above $1.10. Noting that worth was “exhibiting preliminary indicators of assist,” Rekt Capital mentioned:

“JUP might want to kind a base right here on the crimson area to allow a transfer above $1.29 (black) which must be reclaimed for future development continuation.”

The altcoin rose to above $1.30 on Nov. 17, breaking to highs final seen in Might. Whereas revenue taking offers have pushed JUP decrease to $1.20, sentiment suggests a rebound is imminent. On the time of writing, JUP is hovering above the psychological $1 stage, having bounced from lows of $1.04 to retest ranges seen in Might.

Breaking to the availability zone means a rally driving broader market momentum might see patrons goal the all-time excessive of $2.00 reached in January 2024.

On the draw back, the rejection at $1.30 might see bears push JUP past the first assist space. A retreat to under the horizontal assist close to $0.70 will carry the $0.50 space into view.