- Jito (JTO) surged 18% in 24 hours, driven mainly by derivatives traders opening long positions and a rising funding rate signaling increased buying pressure.
- Despite some spot market selling, recent protocol upgrades and strong technical signals suggest JTO could see further gains of up to 30%.
Jito (JTO), a relatively under-the-radar crypto asset, has captured the spotlight after rallying 18% in the past 24 hours, making it one of the top performers in the market. Behind this impressive price movement lies a complex interplay between derivatives traders, spot market dynamics, and recent protocol upgrades.
According to data analyzed by AMBCrypto, the surge in JTO’s price has been predominantly driven by derivatives market participants, who have been aggressively opening long contracts. This buying momentum is reflected in the Open Interest Weighted Funding Rate (OI Weighted Funding Rate), which, though still negative at -0.0054%, is trending upwards. The rate’s shift closer to positive territory signals increasing buying pressure, which often precedes further price gains.
Also read: Solana Spot ETF Approval Nears: Institutional Interest and DeFi Growth Drive Momentum
The total value of open contracts on JTO currently stands at approximately $78 million — a substantial 67% increase — with long positions accounting for most of this growth. Such a sharp rise in open interest typically indicates sustained investor interest, hinting that the rally may have more room to run.
Supporting the bullish case, the Taker Buy/Sell Ratio for JTO is at 1.03, signifying that buying activity is outpacing selling in the market. However, this positive momentum faces headwinds from spot market sellers, who have offloaded nearly $2 million worth of JTO over the past two days. This selling pressure has introduced some downward drag, but so far, it hasn’t derailed the rally.
In fact, JTO recently broke out of an ascending price channel—a classic bullish signal—propelling the asset up by nearly 30% to reach $2.95. Market observers are watching closely to see if spot investors start accumulating rather than selling, which could provide the fuel needed for a sustained rally.
Adding another bullish catalyst is Jito’s recent announcement of the JitoSOL/SOL isolated pool on the Drift protocol. This upgrade allows users to stake JitoSOL tokens and earn JTO rewards. With the pool currently holding over $2 million in value, increased staking could reduce circulating JTO supply and amplify demand, bolstering the rally further.
While sellers remain present, the convergence of strong derivatives market activity, protocol enhancements, and positive technical signals suggest that JTO could be on the verge of a meaningful upswing—potentially gaining as much as 30% more if conditions hold.
As always in crypto markets, cautious optimism is warranted, but Jito’s recent price action and fundamental developments have certainly put it on the radar of traders and investors looking for fresh momentum plays.