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$JUP Price Bounces 65% — Teases Breakout After Moonshot Stake Acquisition

KEY TAKEAWAYS

Jupiter (JUP) announced the purchase of a stake in Moonshot.

The price trades inside a critical confluence of resistances at $1.25.

Can Jupiter maintain its momentum and break out above this level?

There were several positive Jupiter news this week. On Jan. 26, at Catstanbul, Jupiter announced it acquired a majority stake in Moonshot, the self-custodial application that gained popularity after the launch of Donald Trump’s “TRUMP” memecoin. The same day, Jupiter announced the acquisition of SonarWatch, aiming to create a Solana portfolio tracker.

Finally, Jupiter announced that 50% of its protocol fees will go toward JUP buybacks and announced a 3 billion token burn. Based on its Total Value Locked (TVL), Jupiter is the third biggest protocol in Solana at $2.82 billion, trailing only Jito and Raydium at $3.63 and $2.97 billion, respectively.

As for its price movement, JUP attempts to break out above a confluence of important resistances at $1.25. This could pave the way for a new all-time high price if successful. Let’s look at the charts and see how likely that is.

#JUP