Crypto news from the Solana ecosystem: the decentralized exchange aggregator Jupiter has scheduled the launch of its governance token, JUP, for January 31st.
The initial phase of the launch involves an airdrop of the token to almost one million cryptographic wallets.
Let’s see below all the details.
Solana: details on the launch of the $JUP token and prospects in the crypto sector
As anticipated, the DEX aggregator Jupiter has officially announced the launch of its governance token, JUP, scheduled for January 31st.
The project has announced the initial distribution through an airdrop, involving almost one million cryptographic wallets in the first phase.
As part of the launch platform testing process, the pseudonymous founder of Jupiter, known as Meow, announced yesterday the intention to conduct a test launch using “mockJUP”.
In addition, the project plans to launch a memecoin next week, managed by a third party. In other words, a real memecoin, not associated with Giove or the MEOW project.
In view of the token launch, Jupiter is preparing to inaugurate its working group and present the “DAO vision”, in addition to completing the final white paper.
The announcement of the retrospective airdrops took place in November, with the aim of rewarding early users. The airdrop allocation website was made public on December 1st.
Overall, the project will distribute four billion tokens, equivalent to 40% of Jupiter’s total supply of 10 billion tokens, in four phases. The future phases of the airdrop will be allocated to new users.
The first phase will see the release of one billion Jupiter tokens to 955,000 eligible users who have made a swap volume on the protocol of at least $1,000 by the snapshot date of November 2nd. Rewards will vary based on each user’s volume.
With a trading volume exceeding 16 billion dollars in the month of December, Jupiter confirms itself as the largest aggregator of DEX on Solana, marking a significant increase compared to previous months.
Solana shows signs of an increase: a brief focus on the price
The price of SOL has started a significant climb starting from the support zone at $88.00, forming a solid base and subsequently surpassing the key levels of $90 and $92.
The recent movement has brought the price above the 50% Fibonacci retracement level, but it has encountered significant resistance near $100.00.
Currently, SOL is traded above $95.00 and the simple moving average of 55 (4 hours).
However, the main challenge comes with the resistance at $100.00 and the 61.8% Fibonacci retracement level. Not surprisingly, some charts show the formation of a contracting triangle with resistance at $104.00.
The next target for the bulls is the resistance zone at $115.00, which, if surpassed, could further accelerate gains. The next resistance is at $125.00.
In case of any downward corrections, the initial support is found at $96.00, while the critical support is found at $88.00. A break below the latter could push the price towards the support of $80.00, opening the possibility of further losses at $75.00.
Looking at the current trend, Solana must successfully overcome the resistances at $100.00 and $105.00 to further consolidate gains in the short term.
Solana Labs reveals Saga Chapter 2: the blockchain smartphone
Solana Labs recently announced the launch of the new smartphone Saga “Chapter 2”, the successor to the acclaimed Solana Saga phone from the previous year.
The Chapter 2 version will be available for pre-order in 2025 at a more affordable price of $450, compared to the original’s $999 launch price.
This strategic move follows the depletion of the first 20,000 Solana Saga phones in December, mainly caused by the interest generated by the tokens assigned to the owners.
Similar to its predecessor, the Chapter 2 phone is positioned as an Android device customized for the Solana ecosystem and blockchain.
Equipped with an integrated crypto wallet optimized for Solana, the device allows users to store, send, receive, and interact with SOL tokens and SPL tokens. Additionally, it will provide access to decentralized applications (dapps) based on Solana.