JTO Surges 14% on Solana Network Activity Boost

Jito, a liquid staking protocol on the Solana network, has seen a significant price increase following a surge in network activity. As of now, JTO is trading at $3.02, marking a 14.4% increase over the past 24 hours, according to CoinGecko data.

Over the past three months, JTO has been trading in a falling wedge pattern, but it has recently reclaimed a bullish momentum by breaking above the $2.90 key resistance level. This breakout has been supported by technical indicators, which show that JTO has been consolidating in a falling wedge pattern on its daily chart, signaling a bearish momentum since November 2024. However, the coin has been making lower highs and testing the upper resistance line, ultimately leading to a bullish breakout above the $2.90 key resistance level in the last 24 hours.

Crypto analyst Solberg Invest has shared an insight on X (formerly Twitter), predicting that the breakout above the $2.90 resistance level could rally JTO upwards to the $4.6 key level. Market activity has pointed to rising demand for JTO in the last 24 hours, with trading volume surging by 76.01% and a positive capital flow for the first time in several weeks. At press time, JTO was not overbought, as the RSI value remained slightly above 50, indicating a strong bullish sentiment.

JTO's Open Interest in Exchanges surged by 6.46%, while the Long-to-Short ratio was at neutral zone values, suggesting renewed interest in JTO as more traders entered positions. If JTO holds the breakout above the $2.90 key resistance level, it could rally upward to the $3.50 key level, where some profit-taking might occur. A breakout past this psychological resistance zone could push JTO to $4.6 in the next few weeks. However, failure to maintain above $2.90 could dip the price below the $2.0 and $2.2 key resistance zones. The breakout above the $2.90 key resistance level strengthens JTO's bullish momentum, while on-chain data confirms the trend. Investors should eye the key levels to determine their next moves.