Jupiter [JUP] has surged over 12% in the past 24 hours with weekly gains exceeding 15%, according to reports from AMBCrypto. The daily trading volume jumped by 109% to more than $80 million, fueled by discussions around the Solana ecosystem. The price action is attempting to break past a rising trend channel that has been in place since August 21st, with bulls attempting to breach the $0.25 resistance zone.
The Jupiter Strategic Reserve is actively reducing circulating supply while creating demand through a buyback program. According to AMBCrypto reports, they added 143,572 JUP in the past 24 hours, bringing this month's total to 1.013 million tokens. The total accumulation in the Litterbox Trust now stands at 165.637 million tokens. This systematic buyback approach is helping to reduce supply pressure in the market and support price appreciation.
Discussions around fees have skyrocketed in recent days, with the Solana ecosystem coming into the spotlight. As reported by AMBCrypto, founder Anatoly Yakovenko criticized Robinhood for preying on users, collecting fees in both frontend and backend operations. Robinhood's 10% share of Arbitrum One [ARB] was over four times bigger than fees on Solana, sparking network strength discussions across the Solana ecosystem. Despite Solana's low fees, it stands at position five among top chains, indicating high network activity.
According to Token Terminal data cited by AMBCrypto, Jupiter controlled 10% of the market, third among all DEX aggregators over the past 90 days, with a sum of $487.2K. However, this remains significantly lower than Cow Protocol at $3.1 million. The technical analysis shows 1.81 million JUP were bought at press time, with the Stochastic RSI at 73 suggesting potential for further upward movement. If bulls fail to hold above the $0.25 resistance, the price may fall to $0.23 or the demand zone at $0.21.
