Jupiter has overtaken Raydium to become the second-largest protocol on the Solana blockchain, with its total value locked (TVL) surpassing $2.87 billion. The recent surge in Jupiter's TVL comes after a series of positive developments in the decentralized exchange (DEX) space, leading to a significant increase in its JUP token value.

In the past 24 hours, the JUP token has emerged as the top gainer in the market, reflecting growing activity on the DEX and a surge in demand for JUP. With Jupiter now outranking Raydium on Solana, investors are optimistic about the potential for further gains.

Key announcements made by Jupiter at the Catstanbul 2025 event, including the acquisition of Moonshot and SonarWatch, have fueled increased interest and participation in the DEX. Additionally, the commitment to allocating protocol fees towards JUP buybacks and token burns has contributed to the recent spike in TVL.

The positive momentum in JUP's price action is evident, with the token trading at $1.19 and experiencing a 24% price increase in the past 24 hours. An analysis of the JUP/USD one-day chart suggests the possibility of an extended rally, with indicators like the on-balance volume (OBV) and Chaikin Money Flow (CMF) signaling bullish trends.

Currently hanging between $1.46 and $1.08, JUP's price forecast remains optimistic, with the potential for further upside if demand continues to surge. However, a resurgence in selling pressure could lead to a drop in price to $1.08, thereby challenging the bullish outlook.