Jito (JTO) is up about 29% in the past 24 hours, extending its weekly rally to over 33%. Daily trading volume jumped over 161.6% to around $123 million, indicating real demand.
The growing momentum of the “Jito Economy” is driving demand, and here’s how it’s shaping JTO’s trajectory:
The “Jito economy” drives up the price of JTO?
Many factors have influenced the “Jito economy,” including staking rewards, fee buyouts, and increased trading activity. For example, different lending and staking protocols increased the average APY from 4% to 5.58%.
On the other hand, that of Bybit amounts to 7.30%. This represents an increase of 82.5%, making the token a key part of the Solana (SOL) infrastructure. This higher yield created a strong incentive to invest in JTO, thereby locking in supply and reducing immediate selling pressure.
Additionally, JTX fees were introduced, which were aimed at JTO holders. Several revenue lines representing the “Jito economy,” including JTX and JitoSOL, have influenced JTO buybacks.
Although JTO got the fair share of fees from JTX, its main game was still staking, not criminal exchange trading and the Spot market. JTX needs to achieve real volume dominance to be compared to the impact of staking rewards.
This growth in holders was evident as the number increased from 81.52K to 81.58K during a day of increased speculative trading. The token’s volume increased from $26.98 million to $97.14 million, reflecting actual demand for the JTO.
In fact, the token was among the top leaders in volume change on major CEXs, namely Binance, Bybit, and Coinbase. Overall, this represents momentum in the “Jito economy” narrative, thereby driving the price of the altcoin higher.
JTO buying spree resumes
On the charts, JTO price is respecting an uptrend line after breaking out of a two-month range. The head of an inverted head and shoulders pattern touched the ascending trendline and price moved above the neckline.
The MACD had a crossover and a second green bar, which is double the first. Additionally, net volume increased for the third time during the month, reaching 4.74 million JTO.
Today’s symbolic volume indicates a resumption of the buying frenzy observed in May.
Currently, the altcoin is testing the $0.70 level, which prevented the May rally from advancing higher. The current trend could mean a continuation.
Otherwise, failure to exceed this level would indicate a potential return to the neckline at $0.55 for a retest. It could even go lower, especially to the support level indicated by the sloping trendline.
Final Summary
- JTO surged more than 29% in the past 24 hours, driven by the narrative of the “Jito economy,” which is seeing strong momentum.
- The JTO buying frenzy returns, but the bulls are struggling in the $0.70 area – a break above would suggest a continuation of the uptrend.
