The native token of the Jupiter aggregator, JUP, saw a 15% price increase and a 210% surge in trading volume as it approached a 200 million token airdrop on January 30. The activity was further bolstered by Coinbase’s integration of the Solana blockchain, which enables trading of Solana-based tokens through Jupiter’s platform.
Jupiter’s native token, JUP, drew heightened attention on January 28 as its airdrop approached. The focus centered on distribution mechanics rather than price gains alone.
Jupiter confirmed plans to distribute 200 million JUP tokens on January 30. Of that total, 175 million tokens targeted fee-paying active users, while 25 million were allocated to stakers.
That update coincided with a sharp rise in market participation. At press time, JUP traded at $0.2217, up roughly 15% over 24 hours.
Spot volume climbed 210% to $63.64 million, reflecting elevated trader engagement. Another catalyst was Coinbase completing its Solana chain integration during the same period.
That move enabled users to trade Solana-based tokens directly on Coinbase through Jupiter’s aggregation layer. The integration expanded Jupiter’s reach beyond native Solana users.
On the daily chart, JUP formed a double-bottom structure near the $0.20 region. Price moved toward the neckline near $0.233 after the recent rally.
A decisive break above that level could have opened room toward $0.32. However, previous attempts near $0.233 triggered reversals.
Data from CoinGlass showed concentrated leverage on both sides of JUP’s range. Traders were heavily overleveraged at $0.201 on the downside and at $0.234 on the upside.
At these levels, traders had built approximately $2.22 million worth of long-leveraged positions and $1.13 million worth of short-leveraged positions. This positioning suggests that intraday and short-term market sentiment remains bullish.
Reacting to the recent breakout attempt, a market commentator wrote, “JUP is officially out of the cage.” The remark captured improving momentum but stopped short of confirming a trend reversal.
