Jito (JTO), a popular crypto project in the Solana ecosystem, has achieved significant growth due to positive market conditions.
With the approval and launch of the Spot Bitcoin ETF, there has been a decrease in volatility in the crypto market. Major cryptocurrency Bitcoin (BTC) reached $48,000 and then fell to $45,000. The decline in BTC brought uncertainty to the market due to the possibility of profit taking.
In these days when the cryptocurrency market is full of uncertainties, Solana network’s new project Jito has made great progress. Jito’s native cryptocurrency, JTO, is up almost 15% with bullish support from key support points.
Jito (JTO) is at an Important Stage
Taking the step of allowing spot Bitcoin ETFs, Ethereum (ETH) has become a lifeline for many altcoins. Although BTC fell after the ETF approval, a strong price structure was formed on the ETH side.
Trying to maintain an important support point, Jito (JTO) broke the support point and started a serious rise due to the buying interest of the bulls.
Jito, a DeFi project in the Solana ecosystem, has failed to meet expectations since its launch. Despite expectations that Jito would become the new Celestia (TIA), the price did not stabilize and fell to $1.50. The approval of the Spot Bitcoin ETF led investors to altcoins, prompting Jito to take action.
JTO broke above the key support point at $1.53. Positive policies in the cryptocurrency market were a major factor in the rise of JTO. JTO gained strength from the support point and touched the $1.85 resistance. JTO broke the resistance at $1.85 and continued its rise. The popular cryptocurrency quickly tested the $2.22 resistance level. However, the concentration of sellers at this resistance point affected the JTO price. JTO rejected resistance at $2.22 and fell to $2.15.
The popular cryptocurrency of the Solana ecosystem may continue to rise if it can maintain price stability and surpass the $2.22 resistance. Currently, the main resistance level at $2.87 is playing an important role. If this resistance is broken, JTO may reach the $3.25 resistance in the short term. Another resistance point for JTO could be the $3.5 area.
On the other hand, if the selling pressure increases and the market turns negative, there may be a pullback in JTO. If JTO exploits the $1.85 support point, it could target $2.22 again, but if it loses this support point, it could drop to $1.53.
