Jupiter [JUP]: The coin could further dip 39% if THIS happens – BitRss

• There has been a significant decline in daily active addresses and transactions, over the past weeks.
• Jupiter’s volume has surged while revenue hit a yearly low, adding to the bearish sentiment in the market.

Jupiter [JUP ($0.71)] has been in a bearish phase over the past month, recording a 34.29% decline. This sentiment has persisted, leading to an 11.38% drop in the past 24 hours.

On-chain data indicates that market participants remain bearish, suggesting the decline may not end soon. AMBCrypto found that JUP could drop to a low of $0.40.

Market activity could push JUP lower

Market activity has declined over the past month, with daily active addresses and transactions hitting new lows.

According to data from Artemis, daily active addresses plunged from 724,400 on February 10 to 433,800 at the time of analysis. This sharp decline signals reduced market participation.

This drop coincided with a significant decline in daily transactions. From a high on January 19, transactions fell to a yearly low of 1.1 million, at press time.