Jupiter (JUP) Price Prediction: Total Lock-up Position Value Reaches 2.97 Billion USD, Bullish Target Price is 0.74 USD

Jupiter (JUP) has risen for the fourth consecutive day, reporting at 0.6456 USD during the Asian afternoon session today (22), with a daily increase of nearly 10%. With Jupiter announcing a capital injection of 150 million USDC into its lending project for its Liquidity Provider (JLP), aimed at boosting its Decentralized Finance (DeFi) lending business, the upward momentum of Jupiter has further strengthened.

In addition, Jupiter's total value locked (TVL) has reached a historic high, nearing the 3 billion USD mark. In this context, the technical outlook shows an enhanced bullish momentum, indicating further price increases.

Jupiter plans to invest $150 million to promote Decentralized Finance lending

Jupiter announced a loan allocation of 150 million USDC to JLP, providing additional liquidity for its DeFi lending services to support yield-bearing JLP tokens. The agreement also stipulates that in the event of liquidation, JLP tokens will be burned to redeem locked assets rather than forcing a market sell-off.

DeFiLlama data shows that Jupiter's TVL has reached a historic high of $2.97 billion, surpassing Monday's $2.81 billion. Typically, TVL refers to the total dollar value of cryptocurrency assets locked in a protocol, which means that if TVL increases, adoption rates will also rise.

(Source: DefiLlama)

JUP Open Interest Surpasses 200 Million USD

Coinglass data shows that the open interest (OI) of JUP has grown by 36% in the past 24 hours, reaching 202.45 million USD. The surge in OI indicates an increase in capital inflow, suggesting enhanced trader confidence.

The weighted financing rate for open positions is 0.0110%, higher than Monday's 0.0055%, indicating a bullish trend in capital inflow. Bulls are paying the financing rate to balance the swap and spot prices, as the purchasing pressure increases, causing a deviation between the swap and spot prices, and vice versa.

(Source: Coinglass)

JUP strengthens bullish momentum, target price is 0.74 USD

The rebound momentum of Jupiter has broken through the resistance level of the 200-day Exponential Moving Average (EMA) at 0.5836 USD and surpassed the resistance level of 0.6339 USD tested on Monday. JUP has risen for the fourth consecutive day, recording an increase of over 40% since July.

If the daily closing price is definitively above 0.6339 USD, the bullish momentum may extend to 0.7459 USD, which is the low point on December 20.

The Moving Average Convergence Divergence (MACD) and its signal line avoid intersecting with the reappearance of the zero line green histogram, indicating an increase in bullish momentum.

The relative strength index (RSI) on the daily chart is 85, indicating that the market is in an overbought state as buying pressure increases.

On the other hand, if Jupiter fails to maintain a daily closing price above 0.6339 USD, a bearish reversal may retest the 200-day EMA at 0.5836 USD, followed by the 100-day EMA at 0.5031 USD.

(Source: Trading View)