Jupiter (JUP) Experiences 10% Price Drop Following Recent Developments

Jupiter (JUP) price has fallen by 10% in the past 24 hours, taking a breather after a remarkable surge driven by significant events. In a series of notable moves, JUP captured attention with strategic acquisitions of Moonshot and SonarWatch, surpassing Raydium in Total Value Locked (TVL) in the process.

Despite the downward trend, Jupiter's EMA lines maintain a bullish stance, while institutional investors continue to accumulate JUP at near-record levels. The coin's future trajectory, whether it finds support above $1 or dips further, hinges on market sentiment in response to its recent price fluctuations.

Jupiter's Relative Strength Index (RSI) has now shifted to a neutral position following its entry into the overbought zone, hitting a high of 75.9 after the Moonshot and SonarWatch acquisitions were announced. However, with the price decline and RSI currently at 51.44, it suggests that the previous uptrend has lost momentum, potentially signaling increased selling activity.

Additionally, data shows a rise in the number of smart wallets holding JUP, reaching 48.5 million tokens held collectively. While the volume of smart wallets has fluctuated, the overall uptrend in JUP supply among these holders indicates sustained interest and investment from significant market players.

Looking ahead, Jupiter's price movement will be critical in determining whether it will break below the $1 support level or stage a recovery. While a continued correction could see a test of $0.98 support, a positive reversal may propel JUP towards previous resistance levels at $1.22 and $1.27, potentially leading to a retest of $1.4 and cementing its position within the Solana ecosystem.