Earlier today, the cryptocurrency market witnessed a dramatic surge in the price of JTO, the native token of Jito, following the news that Upbit would list JTO for trading on its Korean won market at 14:30 KST.
The listing announcement, which comes two weeks after Jito Labs joined Multicoin Capital held a pivotal meeting with the US SEC Crypto Task Force on integrating staking functionality into exchange-traded products (ETPs), triggered an immediate reaction, with Jito (JTO) soaring nearly 30% in value.
On Binance, JTO reached a high of $4, reflecting a 28% spike from its pre-listing levels.
The trading volume also exploded, jumping 425.5% to above $230 million, signalling heightened interest and activity.
Notably, the listing marks a significant moment for Jito, the largest liquid staking protocol on Solana, as its native token now has exposure to a broader pool of traders.
It acted as a catalyst, propelling the token to its highest point in weeks, briefly pushing its market capitalization to $925 million — tantalizingly close to the billion-dollar mark.
The dump after the pump
The Jito price euphoria was short-lived.
Within hours, JTO relinquished much of its gains, dropping 24% from its peak to trade at $3.02 at press time, raising questions about whether the $3 level can.
Curiously, JTO’s price had been relatively stable leading up to the event, with a modest 19.6% rise over the previous two weeks and a mere 0.5% uptick in the past month.
The post-listing surge was a textbook response to a major exchange listing, a phenomenon often seen in the crypto market where increased accessibility drives speculative buying.
The rapid retreat from $4 to $3.02, on the other hand, underscored the volatility inherent in such events, as profit-taking and market dynamics quickly tempered the rally.
Will Jito price hold above $3?
There is scepticism about Jito’s ability to maintain its post-listing momentum, pointing to the sharp pullback as evidence of overhyped expectations.
Whales, often seen as key movers in crypto markets, appeared bearish, with their inaction suggesting a lack of confidence in a sustained recovery above $3.5 — a level JTO briefly broke through before retreating.
In contrast, institutional and individual investor sentiment remained bullish, buoyed perhaps by Jito’s strong fundamentals as a leading Solana-based staking protocol with a total value locked (TVL) of $2.6 billion, equivalent to 15.12 million SOL.
This divergence in sentiment paints a complex picture: while short-term traders may be cooling on JTO, longer-term players seem to see value in its ecosystem and growth potential.
Adding to the narrative, technical analysis offers a critical lens on JTO’s next move.
The token’s current price of $3.02 hovers just above the 78.6% Fibonacci retracement level of $2.901, a key support derived from its recent price action.
Should JTO breach this threshold, analysts warn of a potential slide back to pre-listing levels around $2.6 — a figure consistent with its 24-hour low of $2.63 and the previous day’s closing price of 4,136 Korean won ($2.88) on Upbit.
Conversely, holding above $3 could reinforce it as a psychological floor, potentially stabilizing the token as it navigates post-surge volatility.
With the 14-day Relative Strength Index (RSI) at $54.43, there is still room for the token to rise seeing that even with the post-listing surge, overbought conditions were not reached.
Over broader timeframes, JTO’s performance has been respectable, with a 39.8% gain over the past year, though it remains 49.9% below its all-time high of $6.01 from December 2023 and well above its all-time low of $1.45 from January 2024.
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