Jupiter (JUP), a leading decentralized exchange (DEX) aggregator on Solana, has suffered a sharp decline, losing more than 82% from its peak price of $2.04. The token currently trades at around $0.36, down over 33% in the past month.
Investors who sold near $0.70 avoided further losses. Many attribute the steep fall to a lack of real utility and significant token unlocks that increased supply.
In response, Jupiter’s COO Kash Dhanda announced the suspension of the DAO voting mechanism to focus on strengthening the Jupiter ecosystem and developing new strategic initiatives. This move aims to address community frustrations and reposition the project in the competitive DeFi landscape.
A Solana supporter endorsed removing DAO voting, suggesting next steps include eliminating the 30-day unstaking period to better incentivize stakers and attract new investors.
Critics have called for alternative value creation, such as buyback programs, to boost token price and holder confidence. Despite the price decline, Jupiter Exchange recently reported surpassing $1 trillion in cumulative trading volume, with over 1.7 billion swaps executed by 49 million unique traders—leading among Solana DEX platforms.
The platform also launched Jup Mobile, a new app for seamless fund transfers and portfolio tracking.
Technical analysis reveals a possible bullish reversal for JUP. A well-known Bitcoin trader highlighted a double-bottom pattern with a breakout target near $0.96, indicating a potential 174% gain from current levels. The Relative Strength Index (RSI) around 33 suggests oversold conditions, supporting the possibility of a short-term price rebound.
However, maintaining support at $0.3371 is crucial. Holding this level could see prices recover toward $0.39 and $0.50, while a breakdown might lead to further declines. Investors will be watching closely for signs of recovery amid ongoing uncertainty.