CandleFocus

Jupiter price pulls back amid encouraging DEX volume metrics

Author: Content Editor
Jupiter token's value declined for two consecutive days despite a significant increase in transaction volume on the Solana ecosystem. Solana's decentralized exchange transactions rose by 18% in the past week, surpassing Ethereum's volume. Jupiter's transactions have been strong, handling tokens worth $587 million on September 23. However, there are indications of a decline in Jupiter's volume momentum recently. The token's total assets have increased by over 5% in the last 30 days, making it the third-largest player in the ecosystem. Jupiter's concentrated ownership structure is a challenge, as the top ten addresses hold almost 92% of all tokens. The token has formed a triple-bottom pattern on the daily chart and is likely to continue its uptrend as long as it remains above certain levels.

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