The crypto market saw heavy capital outflows as panic spread across the market over the past 24 hours. Jupiter [JUP] was not spared.
JUP, with a market capitalization of around $635 million, declined 13% during this period.
While the drop carried a sentiment-driven element, weak on-chain activity also played a central role. Momentum indicators now suggest bears are gaining control.
Why are Jupiter’s fees falling?
The fundamental picture for Jupiter continued to weaken as key protocol metrics declined further. Annualized Fees, measured on a 30-day average, fell 29% to around $332 million at press time.
A declining fee reading usually signals weaker protocol activity since fees come directly from transactions on the platform.
Daily Active Users followed the same trend, dropping 19% over the past 30 days to 37,800 users. This contraction reflected weaker engagement across the protocol and aligned with the bearish sentiment around JUP.
Can JUP rebound from THIS support zone?
Despite the bearish setup, a rebound case started forming near support.
JUP traded into a support zone that triggered rallies multiple times over the past 57 days. This level also accumulated 870 million JUP in volume.
The last time JUP traded into this zone, the asset rallied 58%, showing strong buying interest from the same level.
Spot market data added to this possibility. Negative Netflow over the past two days showed Spot traders were net buyers during this period.
Netflow stood at $477,860, while total Spot buying volume reached around $3.43 million.
If buying continues near this zone, demand could help lift JUP’s price. Even so, the support reaction remains key as momentum still weighs on the altcoin.
Are momentum indicators still bearish?
Momentum indicators continued pressuring JUP, with both the Parabolic SAR and Money Flow Index pointing toward bearish control.
The Parabolic SAR formed above the price at press time. This usually signals building sell pressure and can support further downside.
The Money Flow Index also dropped below the 50 mark, showing weaker capital inflows into the market.
Until both indicators reverse direction, JUP could remain exposed to further downside pressure. For now, buyers need a stronger support reaction to challenge bearish momentum.
Final Summary
- Jupiter [JUP] dropped 13% over 24 hours as broader market panic triggered heavy capital outflows.
- Annualized Fees fell 29% to around $332 million, signaling weaker transaction activity on Jupiter’s protocol.
