- CryptoBusy has predicted a potential bounce for JTO.
- Jito protocol is Solana’s top liquid staking pool.
- JTO’s price is slipping into a demand zone comprising multiple support levels.
JTO, the native cryptocurrency of Solana’s leading liquid staking pool, Jito Protocol, could be poised for a rebound, according to a prominent crypto analyst. The prediction is based on Jito’s unique market offerings and its growing importance in the Solana ecosystem.
Crypto analyst CryptoBusy, known for insightful commentary highlighted three key attributes of Jito that significantly contribute to Solana’s sustainability:
- Jito’s software enhances Solana’s efficiency and enables it to earn MEV (maximal extractable value) rewards.
- Jito’s stake pool fosters decentralization by distributing stakes across the network.
- Staking with Jito encourages validators to redistribute MEV profits.
CryptoBusy also shared a screenshot of the JTO/USD daily chart, showing the token approaching a demand zone with multiple support levels between $2.50 and $3.00. The analyst bolstered his bullish prediction with data from DeFiLlama, a leading DeFi data aggregator, which confirms Jito as Solana’s top liquid staking protocol. Jito’s total value locked (TVL) has surged from $14 million in July 2023 to $1.6 billion at the time of analysis.
CryptoBusy pointed to JTO’s historical tendency to bounce back upon reaching strong support levels, expressing confidence in an upcoming rally given the token’s current technical position. However, he acknowledged that the currently high Bitcoin dominance could impact JTO’s price in the short term.
As for a potential price target for JTO, the analyst believes Solana’s future price action will play a crucial role. He suggests that a 3x to 5x return on SOL from its current price could trigger price discovery for JTO, potentially driving the altcoin to $7.
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