JTO Trading Volume and Price Surge

• JTO trading volume rises by 76.01% after the $2.90 key resistance level breakout on its falling wedge pattern.
• Analyst predicts JTO’s bullish momentum could push above $3.5 and target the $4.6 key resistance level.

Jito (JTO), the liquid staking protocol on the Solana (SOL) network, has surged in price following a steady increase in network activity.

As of this writing, JTO was trading at $3.02, representing a 14.4% increase in price in the last 24 hours, according to CoinGecko data.

The coin has traded in a falling wedge pattern in the last three months before reclaiming a bullish momentum above the $2.90 key resistance level.

A Look into Technical Indicators

JTO consolidated in a falling wedge pattern on its daily chart, signaling a bearish momentum since November 2024.

The coin has been making lower highs, testing the upper resistance line until making the bullish breakout above the $2.90 key resistance level in the last 24 hours.

Solberg Invest, a crypto analyst, shared this 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.

On-chain & Derivatives Data

Market activity pointed to rising demand for JTO in the last 24 hours. Trading volume has surged by 76.01% according to Coinglass data, with a positive capital flow for the first time in several weeks.

JTO was not overbought at press time, however, as the RSI value remained slightly above 50 while the market signaled 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. The metrics suggested renewed interest in JTO as more traders entered positions.

Key Levels to Watch Out For

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. 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 confirm the trend. Investors should eye the key levels to determine their next moves.