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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