The price of Jupiter is gaining steam as it holds its key support level, with people talking about a possible breakout. The token is now at $0.7334, up 8.60% today. The market feels more positive after buyback announcements, adding to the noise about a price jump.
Top analyst AMCrypto spoke about JUP’s strength on X, pointing out that it’s staying within its strong support zone again. He also pointed out that buybacks are set to begin while Jupiter has surpassed PumpFun in 24-hour revenue, suggesting growing market activity. In response, traders are watching closely as JUP price approaches a descending trendline resistance, a key technical level that could determine its next move.
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Technical Analysis: JUP Approaches Resistance After Holding Strong Support
JUP’s price shows a long-term downward pattern, with lower highs and a falling resistance line. But the token keeps bouncing off its support zone, showing buyers are interested at lower prices.
The chart suggests that JUP’s price is now heading toward the trendline resistance, a level that has previously rejected price rallies. If it breaks above the resistance, analysts think it could reach $1.20–$1.50. But if the resistance holds, it might drop back to the support zone before moving up significantly.
Buybacks Drive Market Optimism
The announcement of buybacks has introduced a bullish catalyst for JUP. Orbit.JUP shared an update on X stating that 5.5 million JUP tokens have already been accumulated since the buybacks began. This suggests that market participants are actively acquiring JUP, reinforcing confidence in the asset’s potential upward movement.
Typically, buybacks push prices up by cutting the supply, which can boost demand. As the price of JUP nears its resistance level, traders are watching to see if this higher demand will help the token break through its current downtrend.
Market Outlook: Will JUP Price Break the Downtrend?
Jupiter price action is at a critical juncture, with buybacks providing additional support. If the token breaks through its descending trendline, it could signal the beginning of a new bullish phase. However, failure to surpass this resistance may lead to another retracement toward the support zone, potentially offering another accumulation opportunity.
With JUP’s growing 24-hour revenue and ongoing buybacks, the market is awaiting a decisive move. Traders and investors will be watching price action closely in the coming days to determine whether JUP’s price can sustain its momentum and reverse its broader downtrend.
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