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Jito, the biggest staking network on Solana, is performing well as assets in its ecosystem soar to a record high.
Jito (JTO) token rose to the important resistance point at $2.50, its highest swing since Sep. 30, and 37% higher than its lowest level this month.
Data shows that the amount of assets staked in the network jumped to a record high of $2.3 billion, significantly higher than the January low of $247 million. Jito’s total value locked rose to 13.20 million million in Solana (SOL) terms.
More data indicates that Jito’s customer base has surged to 116,000, while monthly fees have risen to a record high. It has generated $50 million this month, a substantial increase from the $13 million earned in September. Additionally, the number of Jito token holders has climbed to 55,000.
Key player in blockchain
According to TokenTerminal, Jito has become one of the most profitable players in the blockchain industry. It has generated $295 million in fees this year, while Solana has earned $404 million.
These numbers suggest that the network is thriving as Solana evolves into the most popular blockchain this year.
Data from CoinGecko shows that Solana’s meme coins have achieved a market cap of $12 billion. The biggest tokens in the ecosystem are Dogwifhat, Bonk, and Popcat, which have valuations of $2.5 billion, $1.58 billion, and $1.5 billion, respectively.
Solana has also surpassed Ethereum in terms of cryptocurrencies traded this month, handling tokens worth $39 billion, while Ethereum’s volume was $31 billion.
Jito is a liquid staking platform that allows users to generate returns by holding Solana. It is often viewed as a better alternative to traditional staking because users can withdraw their funds at any time.
Jito has also launched a restaking solution, which enables users to earn additional rewards by delegating their already staked assets. On Oct. 23, the network welcomed Temporal as a new node operator for its restaking solution.
And another one!
— Jito (@jito_sol) October 23, 2024
Join us in welcoming @temporal_xyz, a next-gen Solana native research and development firm, as a Node Operator on Jito (Re)staking! 🎉 https://t.co/ctcUk6i46b pic.twitter.com/DPPYDHYpz6
Jito is showing signs of bottoming
The daily chart shows that the JTO token found a strong bottom at $1.8415, where it failed to move lower since July, marking the lower side of the descending triangle pattern.
Jito has risen above the descending line of the triangle pattern. It has also climbed above the 25-day and 50-day Exponential Moving Averages and the 78.2% Fibonacci retracement level.
Therefore, the token may continue rising, with the next target being $3.3345, the 50% retracement level, and the highest swing on June 31. This price is about 41% higher than its Oct. 24 level.