JUP Token Under Pressure as Major Unlock Triggers Selloff

Jupiter (JUP) is showing weakness in today's market, down 1.77% over 24 hours while most altcoins hold steadier positions. The pullback traces back to a significant unlock event: 53.47M JUP tokens hitting circulation, creating heavy dilution pressure on price action.

The real headwind? Arbitrage traders have seized control of volume, maintaining consistent selling momentum that's keeping buyers on their heels. From a technical standpoint, JUP has slipped below critical moving averages with the RSI hovering around 42—classic weakness territory.

Looking at key price levels: support sits at $0.19, while resistance clusters between $0.20 and $0.21. A hold above $0.19 could signal stabilization, but breaking lower opens deeper correction scenarios.

The protocol fundamentals remain solid—this is more about token unlock mechanics and short-term trading dynamics than project health. Patient traders view dips into support as potential accumulation zones, though near-term technicals suggest caution prevails.