‘Vote concludes for Jupiter DEX second Launchpad, JUP price increases by 5%’

Jupiter Exchange recently concluded its second round of voting to determine the next projects to launch on its platform. Following the vote, Sanctum and UpRock emerged as the winners with 64% and 20% of the votes, respectively, totaling over 230 million staked JUP tokens. As a result, the JUP token price saw a 5% rally.

Sanctum, a project focused on enhancing the adoption of liquid staking on Solana, will partner with Jupiter to introduce JupSOL and enable deep liquidity integration. On the other hand, UpRock aims to simplify the process of earning and using crypto assets through its innovative DePIN network.

The successful launch of these two projects signals a promising future for Jupiter’s Launchpad (LFG) program and contributed to the increase in JUP token price. Looking ahead, Jupiter plans to introduce more new and innovative projects in the upcoming rounds of the LFG program to further enhance the Solana ecosystem.

At the time of writing, the JUP token is trading at .1673. To maintain the current uptrend, it will need to stay above the 50% Fibonacci placeholder at .3029. However, a drop below this level could see the price decline to the .0000 psychological level. A sustained drop below [or_text model=”openai/gpt-3.5-turbo” prompt=”You are a news editor expand and Rewrite the following article, remove references to the source, make sure the generated article is well written, makes sense and is SEO enabled:

• Jupiter Exchange’s round 2 vote for the next projects to launch on the platform has concluded.
• Sanctum and UpRock to debut on the DEX after 64% and 20% of votes, totaling over 230 million staked JUP tokens.
• JUP token price has rallied 5%.

Jupiter, a Solana-based decentralized exchange (DEX) has completed the second launchpad (LFG) vote to identify the two projects that will debut on its platform. On March 30, the aggregator network had unveiled its Core Working Group (CWG) budget proposal voting, causing the JUP token to rally 20% ascribed to significant developments within the Solana landscape.

Also Read: JUP up 21% in 24 hours as Dexlab integration may fuel more meme coin frenzy

Jupiter Exchange’s second LFG vote concludes

The Jupiter DEX completed its LFG vote on Monday, with two projects, Sanctum and UpRock, meriting the top slots for the next ecosystems to launch on the Jupiter platform.

Based on the report, the record voter turnout between Sanctum and UpRock has accounted for over 230 million in staked JUP in Votes, composed of 64% (146,758,089) votes in favor of Sanctum while 20% (45,463,495) went to UpRock.

Sanctum, which is committed to boosting the adoption of liquid staking across Solana, focuses on enabling greater DeFi participation. Its partnership with Jupiter is set to achieve and deploy JupSOL, with Sanctum’s technology allowing for deep liquidity integration. This would make it easy to swap into and out of JupSOL on Jupiter Exchange.

On the other hand, UpRock is an innovative DePIN network committed to simplifying how users earn and utilize crypto assets.

With the two projects launching atop Jupiter, the future of the LFG program looks bright, and explains the 5% surge in the JUP price. Based on an official report from Jupiter, the next round of LFG introductions will be held in the coming week. New and innovative projects have been invited to join the platform and contribute to the growth of the Solana ecosystem.

At the time of writing, Jupiter’s JUP token is trading for $1.1673. If the JUP bulls are able to hold the Jupiter token price above the 50% Fibonacci placeholder of $1.3029, it would entice more buy orders to catapult the price high. In the meantime, however, the likely play is a rejection below the 50% Fibonacci placeholder, which could see JUP price drop to the $1.0000 psychological level.

An extended fall below $0.7542 would produce a lower low, solidifying the downtrend for the Solana-based token.

JUP/USDT 1-day chart

To confirm the ongoing uptrend, however, the Jupiter price must break and close above the 61.8% Fibonacci retracement level of $1.4324. A strong move above this critical level could pave the way for for a continuation rally, flipping the 78.6% Fibonacci retracement level into a support above $1.6168. In a highly bullish case, the gains could stretch all the way to the $1.8476 range high, around 56% above current levels.

“].7542 would confirm a downtrend for the token.

For further confirmation of an uptrend, the Jupiter price must break and close above the 61.8% Fibonacci retracement level at .4324. A successful move above this level could lead to a continuation rally, with potential gains reaching up to the .8476 range high, representing a 56% increase from current levels.