ambcrypto.com
Jito [$JTO] is up about 29% in the past 24 hours, extending its weekly rally to more than 33%. The daily trading volume has jumped by more than 161.6% to around $123 million, indicating real demand.
The growing momentum of the ‘Jito economy’ drives the demand, and here is how it is shaping $JTO’s trajectory:
‘Jito economy’ pushing $JTO’s price up?
Many factors influenced the ‘Jito economy,’ including staking rewards, buybacks from fees, and increased trading activity. For example, different lending and staking protocols increased the average APY from 4% to 5.58%.
However, that of Bybit rose to 7.30%. This represented an 82.5% increase, framing the token as a key Solana [SOL] infrastructure play. This higher yield created a strong incentive to stake $JTO, effectively locking up supply and reducing immediate sell pressure.
Additionally, there was the introduction of JTX fees, which were going to $JTO holders. Several revenue lines representing the ‘Jito economy,’ including JTX and JitoSOL, influenced $JTO’s buybacks.
Despite $JTO getting the fee share from JTX right, its core game was still staking, not the exchange trading of perps and the Spot market. JTX needs to achieve actual volume dominance to be compared with the impact of staking rewards.
This holder growth was evident as the number rose from 81.52K to 81.58K in a day of increased speculative trading. The token’s volume rose from $26.98 million to $97.14 million, reflecting real demand in $JTO.
In fact, the token was among the top volume-change leaders on major CEXs, that is, Binance, Bybit, and Coinbase. All together, this represented momentum in the ‘Jito economy’ narrative, thus pushing the altcoin’s price.
$JTO’s buying spree resumes
On the charts, $JTO’s price has been respecting a rising trendline after breaking out from a two-month range. The head of an inverted head-and-shoulders pattern touched the rising trendline, and the price has broken above the neckline.
The MACD has had a crossover and the second green bar, which is double the first one. Additionally, the net volume spiked for the third time in the month, reaching 4.74 million $JTO.
The day’s token volume indicated a resumption of a buying spree seen in May.
Currently, the altcoin is testing the $0.70 level, which prevented the May rally from advancing higher. The ongoing pattern could mean continuation.
Otherwise, failure to breach this level would indicate a potential return to the neckline at $0.55 for a retest. It could even go lower, specifically to the support level indicated by the slanting trendline.
Final Summary
- $JTO surged by more than 29% in the past 24 hours, driven by the ‘Jito economy’ narrative, which has strong momentum.
- $JTO’s buying spree returns, but bulls struggle at the $0.70 zone—a break above would suggest uptrend continuation.