Solana-based liquid staking protocol Jito thrives amidst the prevailing broad market uncertainty.
JTO has recorded price surges with increased network activity, confirming a flourishing ecosystem.
The altcoin trades at $3.11.
Notably, the latest surge propelled JTO past a key descending wedge pattern.
The setup has restricted Jito’s upswings since November last year, and its breach suggests extended upswings.
An analyst highlighted a potential uptick to $4.6 upon such a breakout.
Attaining the target would mean a nearly 50% increase from Jito’s current price.
JTO eyes 50% rally
The altcoin has consolidated within a descending wedge on the daily chart over the past three months.
Jito made lower highs while testing the pattern’s upper boundary since November 2024.
Nevertheless, the constant retest weakened the resistance in the past day.
That saw JTO overcoming the crucial resistance at $2.90.
Crypto analyst Solberg Invest highlighted that such a breakout could catalyze robust bullish activities.
He predicted continued surges to $4.6 – a 48% gain from JTO’s current price.
$JTO SHORT-TERM TRADE:
JTO is looking good here and when it breaks out i think we can see a nice rally to $4,6
Note: It can dip before the rally starts.
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What technical and on-chain indicators say
Technical signals confirm JTO’s trend shift to the upside. The Chaikin Money Flow has rebounded from -0.20 to +0.01 at press time.
That indicates new inflows into the Jito ecosystem as investors accumulate following the latest breakout.
Meanwhile, this is the first time the alt records positive inflows in several weeks.
Increased purchases at current prices could ensure steady uptrends for the alt in the upcoming sessions.
The 1D Moving Average Convergence Divergence’s bullish crossover with the signal line demonstrates a buyer comeback.
Moreover, the daily Relative Strength Index at 55 shows the market is yet to hit the overbought region.
That suggests more gains for JTO before possible retracements.
On-chain metrics also back Jito’s upside trajectory.
The Long/Short ratio jumped to 1.1039 in the past day (Coinglass data).
That suggests that more traders are executing longs with the conviction of extended uptrends from the JTO price.
Further, JTO’s Open Interest in cryptocurrency exchanges soared 5% within the last 24 hours. That confirms renewed investor optimism in the altcoin.
Jito’s current price action
It trades at $3.11 with adequate momentum for continued gains.
Source – Coinmarketcap
However, JTO’s upcoming performance will depend on its reaction to the resistance at $2.90.
A decisive candlestick closing beyond this obstacle will confirm robust bullish momentum.
Jito’s price will likely surge toward the $3.50 target, where buyers could book profits.
Meanwhile, breaching this psychological resistance might propel JTO towards $4.6 in the coming weeks.
However, failure to sustain above $2.90 could plunge the asset to the support barrier at $2.2 – $2.0.
That would mean a more than 30% slide from current prices.
Nevertheless, JTO exhibits a massive bullish strength after overcoming the $2.90 resistance.
Bullish on-chain and technical signals confirm an upward trend.
Nevertheless, the declined daily trading volumes signals potential dips before upward resumptions.
Enthusiasts should monitor key price levels and broad market sentiments to determine Jito’s direction in the upcoming sessions.
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