Jupiter Surpasses Kamino to Become the Largest Lending Market in Solana

Jupiter (JUP) has risen by more than 15% over 24 hours, with weekly growth reaching double digits: +48% for the month and over 100% since the beginning of the year. The surge was driven by the growth of the lending market. According to DefiLlama, Jupiter has surpassed Kamino Finance (KMNO) to become the largest lending market on Solana with active loans of $1.214 billion—nearly half of all borrowed capital on Solana and +14% over 30 days. Kamino's active loans amounted to $981 million, a decrease of 4.75% over the same period. Since mid-August, Jupiter's TVL has increased by more than $500 million.

Activity is mixed, although purchases dominate. Whales were bullish on all exchanges, but retail and smart money on OKX were bearish. On Binance, the Long/Short ratio for retail, whales, and smart money is above 1.43. Retail on Bybit is the most optimistic with a ratio of 2.19, in contrast to OKX, where it is 0.84. The strategic reserve Litterbox accumulated 208,176 JUP, bringing the month's total to 1.023 million tokens. The protocol's total buyback is 175.35 million, with more than 134 million tokens burned.

Jupiter has broken out of the sideways range between $0.3136 and $0.3505, which held for about two weeks. Bull Bear Power turned green with wide bars, indicating buyer momentum. The focus is on the $0.45 zone, which could become support; otherwise, a test of the breakout at $0.35 is possible, and losing it would open $0.3136. Meanwhile, Jupiter diverges from Solana's price: the correlation coefficient with SOL is −0.27, meaning JUP rises while Solana falls. Such desynchronization puts the rally at risk, especially if sentiment in the Solana ecosystem worsens. The growth of the lending market alone cannot sustain Jupiter's price.