Quickly understand the history and background of various well-known coins

JTO Surges 14% on Solana Network Activity Boost

Coin WorldThursday, Feb 13, 2025 9:35 pm ET

1min read

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.

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.