Bitcoin
Jupiter pulls back 21.8% to test $0.29 support as Bitcoin retraces toward $80K
Jupiter's JUP token faces downward pressure alongside broader market weakness, despite strong initial trading volumes on its new leverage product.
Jupiter's JUP token has declined 21.8% from its recent October high of $0.388, moving to test a demand zone at $0.29. The retreat comes as Bitcoin's own correction toward $80,000 weighs on the wider crypto market.
The downturn follows the October 15 beta launch of YOLO, a Solana-based simulated trading tool offering up to 1,000x leverage on SOL, BTC, and ETH. The product generated over $1 billion in volume, operating through a central liquidity pool where losing trades fund payouts to winners.
From a technical perspective, the token's long-term structure turned bullish in May following a move from a low of $0.144. However, shorter-term charts show a shift to a bearish trend, with the $0.32 level flipping from support to resistance. A deeper pullback could lead JUP toward its next major long-term demand zone around $0.22.
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