Jupiter drops 10% as $0.24 support breaks – Protocol inflows turn negative

Jupiter [JUP] was hit by the latest crypto sell-off as traders reduced exposure across risk assets. In fact, the entire crypto market was bleeding, with most established coins recording massive selling pressure. 

Amid this bearish flip, Jupiter lost the $0.24 support level and fell to a low of $0.20. In doing so, the altcoin dropped below its short-term moving averages, the 21- and 9-day MAs.

As of this writing, Jupiter was trading around $0.21, down 10.2% on the daily charts. Over the same window, the altcoin’s trading volume rose 20% to $50 million, suggesting increased sell-side activity.

Jupiter faces intense selling pressure amid risk-off sentiment

As the broader crypto market retraced, with the market facing increased selling activity, Jupiter was hit hard. According to DefiLlama, the protocol’s USD inflows dropped significantly, falling from $33 million to -$55 million.

Protocol USD inflows turning negative suggested that massive capital flowed out of the network, a clear sign of strong selling activity.

That’s not all; Jupiter traders panicked and hurriedly closed their positions. Jupiter’s Open Interest dropped 15% to $55.7 million, while the derivatives volume dropped 6% to $69 million.