Jupiter attracted substantial inflows over the past 24 hours, with capital rising by hundreds of millions of dollars. The wave of buying pressure lifted the token by at least 12% within the same period. Core network metrics show that user participation and transaction activity remain subdued, creating a widening gap between valuation and protocol fundamentals. On-chain data suggests that the recent rally may be driven more by positioning than by organic growth.
Artemis data shows daily active or transacting users have fallen to a two-year low, coinciding with a contraction in total transactions to roughly 1.5 million. While price is rising, activity has not kept pace, a pattern often associated with speculative momentum rather than sustainable demand. The sharp rise suggests that a meaningful volume of JUP has moved off the open market and into locked positions. Total value locked surged by about $166 million to $2.163 billion, a move that typically reflects longer-term positioning as investors lock assets.
Speculative activity in the derivatives market has also expanded. The open interest rose 13% in the past 24 hours but stood at around $50.29 million, indicating derivatives exposure is relatively small compared with the TVL surge. This suggests spot-driven inflows and capital locking played a larger role in the rally. Liquidity cluster analysis outlines two near-term scenarios: a bullish path toward the $0.18 level, constrained by liquidity concentration, and a bearish path toward $0.15 if momentum fades.
In the short term, momentum will determine direction. Sustained buying pressure could push JUP toward the upper liquidity zone before any correction unfolds. Conversely, fading momentum may expose the asset to a deeper retracement toward lower support levels.
Leave a Reply