Jupiter Exchange has posted a striking surge in on-chain activity even as its native token, JUP, endures short-term pressure.
The contrast between robust protocol revenues and mixed token market signals is creating a nuanced story that traders and observers should not ignore.
Jupiter Exchange revenue surges amid user demand
According to DefiLlama data, Jupiter Exchange has pulled in $1.155 billion in fees in a year. That revenue placed the protocol among the top earners across crypto on that day.
The inflows reflect strong swap demand, deep liquidity, and the low-cost execution that Solana projects are known for.
For a decentralised exchange, sustained fee generation translates into usable revenue.
That money can fund development, liquidity incentives, and governance initiatives that strengthen the protocol’s long-term position.
JUP token under pressure, but showing early rebound signs
The JUP token currently trades around $0.45, after a drop that extended a painful weekly decline.
The price recently fell through key support near $0.47 and tested the $0.45 zone.
Technical indicators now give a mixed-but-watchful picture. On shorter timeframes, the RSI fell toward oversold readings and has begun to rebound.
In addition, the hourly MACD lines are converging, suggesting a possible short-term trend reversal.
Jupiter Lend’s beta launch failed to stir momentum
Jupiter Lend’s beta launch on August 29 initially produced a modest price bump but then lost steam.
Despite incentives and new vaults, volume fell and TVL stalled compared with the launch hype.
That pattern looks like classic “buy the rumour, sell the news,” and it has fed short-term bearishness in the token.
Derivatives data also showed elevated open interest around recent liquidations, which amplified downside pressure when altcoin sentiment weakened.
There is also a new proposal from Meteora that aims to allocate 3% of its TGE to JUP stakers through Liquidity Position NFTs.
The idea is to seed MET/USDC liquidity at listing without immediately adding tradable MET to the circulating supply.
If structured with vesting and per-address caps, the mechanism could reduce sell pressure while building deeper pools.
However, fairness and concentration remain live concerns; large stakers could capture outsized benefits unless distribution and transparency are carefully managed.
Jupiter price outlook points to cautious optimism
Short-term momentum is fragile but repairable. A hold of the $0.45–$0.46 zone could invite technical buyers and a relief rally.
Conversely, a decisive close below $0.45 would raise the probability of a deeper retracement toward prior lows.
If JUP can reclaim the $0.47 support, it could see more gains. But failure to do so could open a retest of August lows near $0.4093.
Beyond price, traders should track protocol metrics: daily fees, TVL trends across Solana, Jupiter Exchange order flow, and how Meteora executes its staker allocation.
Those on-chain signals will reveal whether the recent fee surge converts into long-term value for token holders.
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