Following heightened risk aversion in the market, JUP, the platform token of Jupiter, a trading aggregator within the Solana ecosystem, came under significant pressure. In the past 24 hours, JUP has fallen by 13%, reducing its market capitalization to approximately $635 million. In addition to the overall market decline, weakening activity within the protocol itself also exacerbated the price pressure.

Transaction fees and user numbers continue to decline

According to the protocol data, Jupiter's core operating metrics are still declining. Based on a 30-day average, its annualized transaction fees have dropped to approximately $332 million, a 29% decrease from previous levels. Transaction fees typically directly reflect platform transaction activity, and a decline in these fees indicates weakening demand for on-chain transactions and usage.

User activity has not improved either. Over the past 30 days, Jupiter's daily active users have decreased by 19%, falling to approximately 37,800. This indicates a simultaneous slowdown in platform engagement, largely consistent with JUP's current weak trend.

Net buying appeared near the support zone

However, during the price decline, the market also began to focus on a support area that has repeatedly proven effective. The report mentioned that JUP has fallen back to a level that has triggered rebounds multiple times in the past 57 days, with a cumulative trading volume of approximately 870 million JUP in this range.

JUP previously saw a 58% rebound in the same area, indicating strong buying interest in this region. Spot market data also provides some support. Net outflows have been negative for the past two days, suggesting that spot traders are generally in a net buying position.

• The net inflow over the past two days was approximately $478,000.
• The total amount of spot purchases during the same period was approximately US$3.43 million.
• The cumulative trading volume in the support zone is approximately 870 million JUP.

The kinetic energy signal remains bearish.

However, from a momentum perspective, JUP has not yet shaken off its weakness. The report mentions that the parabolic directional indicator is still above the price, which usually means that selling pressure has not yet eased significantly.

Meanwhile, the money flow indicator has fallen below 50, indicating weak new funds flowing into the market. Until these signals show a significant correction, JUP may continue to face downward pressure. For bulls, whether the support zone can provide another effective rebound remains the most crucial point to observe.