Jito breaks above THIS key level – Is $4.6 next for JTO?

• JTO trading volume rises by 76.01% after the $2.90 key resistance level breakout on its falling wedge pattern.
• Analyst predicts JTO’s bullish momentum could push above $3.5 and target the $4.6 key resistance level.

Jito [JTO], the liquid staking protocol on the Solana [SOL] network, has surged in price following a steady increase in network activity.

As of this writing, JTO was trading at $3.02, representing a 14.4% increase in price in the last 24 hours, according to CoinGecko data.

The coin has traded in a falling wedge pattern in the last three months before reclaiming a bullish momentum above the $2.90 key resistance level.

A look into technical indicators

JTO consolidated in a falling wedge pattern on its daily chart, signaling a bearish momentum since November 2024.

The coin has been making lower highs, testing the upper resistance line until making the bullish breakout above the $2.90 key resistance level in the last 24 hours.

Solberg Invest, a crypto analyst, shared this insight on X (formerly Twitter), predicting that the breakout above the $2.90 resistance level could rally JTO upwards to the $4.6 key level.

Source TradingView

On-chain & derivatives data

Market activity pointed to rising demand for JTO in the last 24 hours. Trading volume has surged by 76.01% according to Coinglass data, with a positive capital flow for the first time in several weeks. 

JTO was not overbought at press time, however, as the RSI value remained slightly above 50 while the market signaled a strong bullish sentiment.

JTO’s Open Interest in Exchanges surged by 6.46% while the Long-to-Short ratio was at neutral zone values. The metrics suggested renewed interest in JTO as more traders entered positions.

Source: Coinglass

Key levels to watch out for

If JTO holds the breakout above the $2.90 key resistance level, it could rally upward to the $3.50 key level, where some profit-taking might occur.

A breakout past this psychological resistance zone could push JTO to $4.6 in the next few weeks. Failure to maintain above $2.90 could dip the price below the $2.0 and $2.2 key resistance zones.

The breakout above the $2.90 key resistance level strengthens JTO’s bullish momentum, while on-chain data confirm the trend. Investors should eye the key levels to determine their next moves.