Jito price jumps 14% as Solana and Bitcoin rebound

Jito (JTO) price was up more than 14% in the last 24 hours in early trading on Monday, June 16, with JTO leading top gainers as Bitcoin and Solana prices looked to bounce following last week’s downside action. The double-digit gains saw Jito, a top platform in Solana’s liquid staking ecosystem, rise to its highest level in two months as JTO traded to highs of $2.41. Notably, the gains aligned with a surge in daily trading volume. Per data from CoinMarketCap, traders eyeing more upside for the native token of the MEV products platform and JitoSOL liquid staking pool, pushed volume up by more than 500% to $182 million. Jito’s market cap rose to $776 million. Why is JTO price sharply up today? Overall, cryptocurrencies remain weak amid downside volatility in the risk assets market. The recent escalation in geopolitical tensions between Iran and Israel, with major attacks from both sides, has combined with jitters around tariffs and interest rates to dull investor enthusiasm. This broader outlook saw Bitcoin plunge to lows of $103k on June 13. Ethereum and other altcoins such as SOL and XRP also plummeted. However, BTC is back above $106k and several altcoins are seeing a slight uptick. JTO price is surging amid this outlook, reflecting a bullish momentum that could see bulls target the all-time high above $5.61 reached in December 2023. For Jito, the momentum is likely related to developments in respect to MEV and staking. In particular, the anticipation around Solana exchange-traded funds getting a SEC nod in coming weeks has investors excited about potential SOL beta plays. Traders on Polymarket have upped their odds for a SEC nod for the first Solana spot ETF in the US to 60% this summer. With staking part of the wording in the resubmitted S-1 filings, chances of staking getting approved for ETFs is helping many altcoins in this ecosystem higher. Regulatory shift that has allowed regulators to engage crypto leaders and projects is adding to this upbeat mood. It’s likely part of what’s fueling the JTO price higher. As Invezz highlighted last week, Jito gained amid these tailwinds . Jito price technical outlook In terms of the Jito price technical picture, there is an overall bullish structure in place. Currently, the altcoin’s price hovers above all key exponential moving averages, with this EMAs providing a key support base. Jito price chart by TradingView A look at the relative strength index (RSI) shows the metric at 62 shows bulls have plenty of room to maneuver. If the RSI hits overbought conditions, a retest of key support levels could provide a buy opportunity. The bullish crossover of the moving average convergence divergence indicator also signals an upward continuation. The post Jito price jumps 14% as Solana and Bitcoin rebound appeared first on Invezz

Source: Invezz