Jupiter (JUP) and Raydium (RAY) Hold Key Supports– Are Upside Moves Coming?

Date: Fri, February 21, 2025 | 06:11 AM GMT In the cryptocurrency market, two prominent Solana ecosystem tokens, Jupiter (JUP) and Raydium (RAY), faced sharp declines earlier this week, pushing them to test key support levels. However, both tokens have since managed to bounce back with noticeable gains, suggesting a potential recovery from their monthly corrections.

Source: Coinmarketcap Jupiter (JUP) Analysis The weekly $JUP chart reveals that the price has been trading within a year-long descending triangle pattern. The recent downtrend, which began in early December after a rejection from the upper trendline, has driven JUP deeper into correction territory.

Jupiter (JUP) Weekly Chart/Coinsprobe (Source: Tradingview) This week's decline pushed JUP to test its critical support zone at $0.67. However, it held firmly at this level and has now bounced back, currently trading around $0.78. If the bullish momentum continues, JUP will first face resistance at the 25-week Simple Moving Average (SMA). A breakout above this level would confirm an upside move, potentially driving the price to retest the descending triangle’s upper resistance trendline near $1.10 to $1.20. Raydium (RAY) Analysis On the other hand, Raydium (RAY) is consolidating within an ascending broadening wedge pattern—a structure generally considered bearish in technical analysis. The recent downtrend, which began on January 23 after a rejection from $8.67, pushed $RAY towards its lower trendline support at $4.31.

Raydium (RAY) Daily Chart/Coinsprobe (Source: Tradingview) However, buyers stepped in at this level, preventing a breakdown, and RAY has now rebounded to trade around $4.66. If the bullish momentum sustains, the next key resistance to watch is the 100-day SMA. A breakout above this moving average could confirm an upward move, possibly driving RAY to retest the upper resistance trendline of the wedge. Such a move could result in a rally of over 100% from the current price levels. Final Thoughts Both Jupiter (JUP) and Raydium (RAY) have defended crucial support zones and are showing early signs of a recovery. While JUP remains within a descending triangle, a breakout above key resistance levels could push it towards a major bullish move. Similarly, RAY's price action within an ascending broadening wedge suggests cautious optimism, with a breakout above resistance potentially leading to a strong rally. However, traders should remain cautious and watch for confirmation signals before making any investment decisions. Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always conduct your own research before investing in cryptocurrencies.