Decentralized exchange (DEX) Jupiter officially announced its much-awaited airdrop on Wednesday. The trading platform airdropped 700 million JUP coins, worth approximately $500 million, to over 2 million wallets. Jupiter 🪐 @JupiterExchange · Follow omg the largest user airdrop in history is today 🤯 12:50 pm · 22 Jan 2025 13.4K Reply Copy link Read 1.5K replies As of January 24, 61% of qualified participants, 578,657 wallets, had claimed their assets. Meanwhile, trader attention switched to the exchange’s native token amid the ecosystem developments. JUP witnessed fluctuations following the events, with some participants profit-taking after the distribution. However, the trend has shifted as the alt displays robust momentum amidst the prevailing broad market recoveries . JUP maintained bullishness on its daily chart, gaining over 10% within the past day to trade above $0.8560. The over $350 million in 24-hour trading volume signals impressive trader activity. The latest airdrop event likely renewed trader optimism on JUP. Despite earlier profit-taking tendencies, the “Jupuary” airdrop magnified trading activities while boosting liquidity. These elements remain crucial in stabilizing the market. Reduced liquidations and increased open interest signal recoveries Coinalyze data shows JUP experienced massive volatility last weekend, with long liquidations surpassing 1.2 million and shorts above 800,000 on January 18. The stats confirmed magnified trading pressure, possibly from market speculations of sharp price movements. Jupiter has seen reduced liquidations since January 19. The altcoin saw liquidations amounting to $916K in the past day, with $502K longs and $414K shorts rekt in the past 24 hours. Source – Coinalyze That reflects a significant cooldown from weekend figures, suggesting a stabilising JUP ecosystem. Meanwhile, the calmer environment matches the prevailing increase in open interest. JUP’s open interest increased by 22% over the past 24 hours to surpass $227 million, according to Coinglass . That indicates notable recoveries from the intense fluctuations between January 18 and 19. The Open Interest maintained gains above $110 million this week, signaling market stability after the latest airdrop-driven sell-offs. Furthermore, Jupiter’s total value locked (TVL) on the Solana blockchain has thrived over the past sessions. According to DeFillama, the metric stands at $2.87 billion at press time, a significant jump from $2.36 ten days ago. The latest airdrop contributes to the increased activity, which has attracted massive user participation. JUP price outlook The native token exhibited a bullish stance today, displaying bull dominance on the daily timeframe. Chart by Coinmarketcap While broad market recoveries drove JUP’s latest gains, increased activity following the “Jupuary” airdrop fueled the asset’s upside trajectory. JUP appears to boost adequate steam for continued gains in the near term. Decisive buyer resurgence could propel the alt past the $0.81 resistance. Overcoming this hurdle will catalyze more surges to $0.95 – a 10% increase from current prices. The 1H Chaikin Money Flow supports the upward narrative. The indicator has climbed from yesterday’s -0.34 to 0.02 at press time. Jupiter chart price , source: TradingView . Such trends confirm increased cash flowing into JUP’s ecosystem amid investor comeback. Also, the Moving Average Convergence Divergence is on the verge of a bullish crossover, indicating waning seller activity. However, an abrupt bearish wave might plunge JUP towards July 2024 lows of $0.63 – approximately 27% from current prices. The post Jupiter (JUP) price forecast: recent “Jupuary” airdrop boosts liquidity and trading activity appeared first on Invezz
