Jupiter’s JUP token surged 17% to $0.172, reaching a two-week high after rebounding from a recent low of $0.14. The rally was supported by a 200-address increase in active daily users and significant capital inflows into derivatives markets. However, increased spot market selling and a futures long/short ratio below 1 on major exchanges indicate persistent sell-pressure that could threaten the momentum.
The cryptocurrency Jupiter [JUP] recovered from a slip to $0.14, climbing to a two-week high of $0.176. This move allowed the altcoin to flip its short-term moving average, indicating strong upside momentum.
As of reporting, JUP traded at $0.172, marking a 17.13% daily gain. The explosive price jumps confirm the strengthening momentum across all market participants.
Following the drop to $0.14, the asset saw renewed demand from new users. Active Daily Addresses subsequently rose by 200 to 13.3k, signaling increased network activity.
On the derivatives side, the altcoin recorded $25.01 million in inflows against $23.05 million in outflows. Its netflow consequently rose 194.3% to $1.96 million, reflecting heightened futures demand.
Open Interest increased 22% to $44.07 million while Derivatives Volume climbed 53% to $101 million. These metrics further validated the increased appetite for futures positions.
However, traders on Binance and OKX appeared positioned for a pullback. The aggregate Long/Short Ratio was held below 1, with specific ratios of 0.93 on Binance and 0.89 on OKX.
A ratio below 1 indicates a higher demand for short positions, suggesting most participants expect another slip. This contrasts with strong spot and derivatives inflow data.
The price momentum was technically supported as JUP’s Relative Strength Index rose to 55. The asset also flipped its EMA20 and was testing the EMA50 level at $0.17.
This bullish outlook faces a clear risk from spot market activity. After the rebound, investors who had been underwater rushed to cash out.
Exchange inflow outpaced outflows, causing the Spot Netflow to climb 145% to $677k. The market recorded $5.6 million in inflows versus $4.9 million in outflows.
If this selling spree continues and intensifies, a market pullback remains imminent. Analysts note JUP could retest the $0.14 level before attempting another recovery.
