Solana-based liquid staking protocol Jito [$JTO] will launch the JTX Trade app. There was speculation of the positive effects it could have for the $JTO token, but there were some facts behind the bullish expectations.
AMBCrypto had reported in June that JTX Trade would be a unified trading platform, like Hyperliquid, and have perp and prediction market offerings.
With 80% of the platform’s fees set to be directed to $JTO token buybacks, analysts predicted a 2-5% buyback of the token within the first year of the trading platform going live.
Can $JTO achieve the expected bullish price targets?
Crypto influencer Ansem predicted that the token would climb by 3x, which pointed to a price target of above $1.5. Yet, given the market-wide malaise, a strong recovery could be difficult.
On the weekly timeframe, the altcoin has a firm bearish swing structure. Yet, over the past three months, the buying pressure on $JTO has been noticeable.
As a result, the OBV was able to challenge the 2025 high. Meanwhile, the weekly RSI recovered and stayed above neutral 50 for the first time since November 2024.
Yet, the $0.80 became a local supply zone. The psychological $1 level has not been tested yet, either.
Based on the Fibonacci retracement levels, a rally up to $1.62-$2.0 appeared possible. The JTX Trade launch and token buybacks could be a catalyst for a sustained upward move.
Traders’ call to action- Buy
The 4-hour chart’s price action was bullish. The move higher from $0.40 to $0.88 marked an impulse rally which was currently in a retracement phase.
The RSI fell to oversold extremes in recent trading sessions, and there was a high volume price drop to $0.60. This has begun to reverse at press time.
A worrying factor was the OBV’s sideways trend over the past three weeks. Bulls will be hoping for steady, high-volume buying in the coming days to keep $JTO’s recovery going, and also result in pushing the volume indicator higher.
Final Summary
- The Solana network’s performance and reliability is a combination Jito Network wants to use to build “one surface for on-chain trading” for serious traders.
- The altcoin’s long-term trend was bearish, but a rally to $1.6-$2.0 appeared possible if the broader market sentiment does not tumble too badly.
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