Jito Crosses Critical Threshold – Is $4.6 the Next Milestone for JTO?
Jito [JTO], a staking platform built on the Solana [SOL] blockchain, has experienced a significant surge in value following a notable uptick in network engagement.
At the time of composing this article, JTO was priced at $3.02, a remarkable increase of 14.4% within the past 24-hour period, as per data from CoinGecko.
After a period of three months during which the coin adhered to a descending wedge pattern, it recently broke through the $2.90 resistance level, signaling a return to an upward trajectory.
Examining Technical Indicators
JTO had been consolidating within a descending wedge pattern on its daily chart since November 2024, indicative of a bearish trend.
Having consistently recorded lower highs while challenging the upper resistance boundary, JTO finally initiated a bullish breakout above the critical $2.90 resistance mark in the last 24 hours.
Crypto analyst Solberg Invest shared valuable insights via X (previously known as Twitter), suggesting that surpassing the $2.90 resistance level could propel JTO’s value to reach $4.6, a significant milestone.
Insights from On-chain Data and Derivatives
The recent surge in trading activity signifies an increased demand for JTO within the market. Trading volume surged by 76.01% according to Coinglass data, accompanied by a positive capital flow after several weeks.
As of the latest update, JTO had not entered overbought territory, with the RSI hovering slightly above 50 while market sentiment indicated a robust bullish outlook.
Furthermore, JTO’s Open Interest on exchanges experienced a notable 6.46% increase, with the Long-to-Short ratio maintaining neutral values. These metrics suggest a renewed interest in JTO, attracting more traders to take positions.
Key Price Levels to Monitor
If JTO manages to sustain its breakout above the crucial $2.90 resistance level, it could potentially ascend towards the $3.50 mark, possibly encountering profit-taking scenarios along the way.
A successful breach beyond this psychological resistance zone might pave the way for JTO to target $4.6 within the coming weeks. Conversely, failure to hold above $2.90 could lead to price retracements below the key support levels at $2.0 and $2.2.
The breakout above the $2.90 resistance level signifies a strengthening bullish momentum for JTO, corroborated by on-chain data trends. Investors are advised to monitor these key price levels closely to make informed decisions moving forward.