Jupiter (JUP), the leading Solana-based decentralized exchange (DEX) aggregator, has experienced a devastating market crash as investor confidence appears to have evaporated completely.
Following its last venture above $1 in February, the JUP token has maintained a relentless bearish trajectory, shedding over 33% in the past month alone and plummeting 82.73% from its post-launch peak of $2.04.
Source: CryptonewsCurrently, the token is valued at $0.3629. Holders who exited positions before this catastrophic decline are lucky to have done so before the massive crash.
Jupiter Founder Suspends DAO Voting in a Desperate Move to Rescue JUP Token
One trader who liquidated his substantial holdings around $0.70 expressed disbelief, stating that as Solana’s most recognizable token, nobody anticipated JUP’s descent toward “worthlessness.”
This investor attributed JUP’s deterioration to the token’s absence of genuine utility and large token releases from the development team.
On June 19, Jupiter Exchange’s chief operating officer, Kash Dhanda, attempted to address mounting community frustrations regarding the lack of strategic planning to enhance Jupiter’s token utility.
Kash announced that the Jupiter Foundation would suspend its DAO voting mechanism to concentrate efforts on strengthening the Jupiter and Jupiverse ecosystems.
He emphasized that the Jupiter exchange is currently at a key juncture, requiring immediate action to shape DeFi’s future, as this window of opportunity won’t remain available indefinitely.
A Solana maximalist endorsed this decision, describing the removal of DAO voting as a major step toward rehabilitating JUP’s trajectory.
He suggested eliminating the “30-day unstaking requirement” should be the next priority. His perspective is centered on “enabling stakers while avoiding deterrence of prospective investors.”
Token Unlocks Massacre: Why JUP Became Solana’s Biggest Disappointment
Another cryptocurrency supporter shared comparable views, expressing hope that JUP DAO would permanently abandon the voting mechanism.
“What an absurd energy drain for such a talented team to continuously debate trivial working group compensation controversies,” he commented.
He noted that billions in JUP market capitalization vanished over minor five-figure funding decisions.
He proposed alternative value-creation models, such as buyback programs that benefit holders and enhance JUP token price performance.
Despite deteriorating price action and diminishing investor trust, the Jupiter Foundation continues to deliver new products and achieve major milestones.
On June 22, Jupiter Exchange announced that the DEX aggregator had surpassed $1 trillion in cumulative trading volume, processing over 1.7 billion swaps from 49 million unique traders.
This achievement represents the highest volume among all Solana-based decentralized exchanges.
The platform also introduced what it termed “Solana’s premier trading wallet,” the Jup Mobile application, which allows users to transfer funds and monitor their DeFi portfolio positions seamlessly.
Bitcoin Trader Calls 174% JUP Rally, Tags “$0.3371” as the Death Line
Within the past 24 hours alone, Jupiter accumulated over $3.8 million in transaction fees, surpassing even Uniswap, Ethereum’s largest DEX.
The platform also recorded over $982,000 in daily revenue, ranking behind Pump.fun, PancakeSwap, Hyperliquid, and major stablecoin providers (Tether and Circle).
Source: DefilLamaProminent Bitcoin trader “Bitcoin Consensus” believes these impressive metrics will eventually reflect in JUP’s valuation as the token exhibits signs of a meaningful reversal through a classic double-bottom formation on daily charts.
He forecasts a pattern breakout targeting $0.96, representing a potential 174% increase from current price levels.
Jupiter RSI at 33: Is JUP’s Oversold Bounce About to Explode?
The JUP/USDT daily analysis reveals the price maintaining a grip on key support at $0.3371, which bulls must successfully defend to prevent additional declines.
After testing this support zone, the asset has shown modest recovery to approximately $0.3594, indicating renewed purchasing interest.
Source: TradingViewNevertheless, the overall technical structure remains bearish following an extended downtrend and recent rejection near the $0.50 resistance level.
The 9-day Simple Moving Average trades below current price levels, suggesting potential for near-term recovery momentum.
Meanwhile, the RSI hovers around 33.54, reflecting oversold market conditions and implying a possible technical rebound.
Should the $0.3371 support level be maintained, price movement toward $0.3889 and potentially $0.4981 could materialize.
However, a breach below this key support threshold would expose new downside targets and perpetuate bearish pressure. Bulls need to recapture the $0.3889 level to validate any sustainable recovery trajectory.
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