Jupiter's token, JUP, saw a significant surge in the past 24 hours, with its price rising to $0.2203 at one point, representing a single-day increase of 14.03%. Simultaneously, trading volume on major exchanges increased to nearly $496 million, a daily increase of 113.83%. From the market perspective, this surge was accompanied by increased trading activity, rather than simply a short-term spike in volatility.

Open interest rose in tandem

Participation in the derivatives market is also increasing. Data shows that JUP open interest rose to $64.2 million, an increase of 39.94% from the previous period. This usually means that more new positions have appeared in the market, rather than just existing positions being closed out.

A simultaneous rise in price, volume, and open interest often indicates a concentrated influx of short-term funds. However, increased leverage can amplify subsequent volatility. Once sentiment weakens, prices are more likely to experience a rapid pullback, triggering mass liquidations.

$0.2154 becomes short-term support.

From a technical perspective, JUP has broken upwards from the descending channel that had been suppressing prices since May, and has risen above the $0.2154 level. The previous resistance level is now turning into new short-term support, allowing the rebound that began this month near $0.1465 to continue.

Momentum indicators have also improved. The Relative Strength Index (RSI) rose to 63.43, above 49.63 near the signal line, and has not yet entered a clearly overbought zone. Based on the current structure, if the price continues to hold above $0.2154, the next major resistance level is around $0.2646.

The lower clearing area is denser.

However, the liquidation heatmap shows that liquidity accumulation is still more pronounced below the current price than above. Binance JUP/USDT data shows larger leveraged positions concentrated around $0.20 and in the $0.19 to $0.195 range. In contrast, liquidity distribution above $0.22 to $0.23 is relatively weak.

This means that although buyers have regained the initiative in the short term, the market may first return to the more liquid area below to complete the liquidation before deciding whether to continue its upward movement. For JUP, the recent rebound has been supported by trading volume and open interest data, but the liquidity pressure below remains a key point to observe in the short term.