Jito (JTO) Jumps 28.80% After Upbit Exchange Announces Listing

Jito (JTO), a major liquid staking project on Solana, just jumped 28.80% in the last 24 hours. It's now trading at $3.41.

Major liquid staking project on Solana, Jito (JTO), has seen a significant 28.80% increase in price over the last 24 hours. At the time of writing, JTO is trading at $3.41, according to CoinMarketCap data.

This rapid increase in price comes after South Korean cryptocurrency exchange Upbit announced that JTO will be listed for trading on its platform. The announcement was made on Monday, and trading is set to commence on February 21st at 14:30 KST.

According to the announcement, JTO will be available for trading in the KRW market. However, there will be some initial trading restrictions in place.

For instance, buy orders will be restricted for around five minutes after trading begins. Additionally, all order types, except for limit orders, will be restricted for one hour following the launch.

To further control volatility, sell orders will have a cap set at a minimum of 10% below the previous day’s closing price. This measure is intended to prevent drastic price movements.

As the largest liquid staking protocol on Solana, Jito currently boasts a Total Value Locked (TVL) of $2.6 billion, according to data from DefiLlama.

Recently, the platform also emerged as a top crypto project by fees in January. TokenTerminal data reveals that Jito generated $63 million in January, placing it behind only Tether and Tron.

In terms of price, JTO’s 20-day Exponential Moving Average (EMA) stands at $2.878, which is significantly lower than its current price of $3.41. This indicates a strong bullish trend.

Looking ahead, the 20-day EMA could be retested as a support level in the near future.

Meanwhile, a glance at the daily chart above reveals that the Relative Strength Index (RSI) is currently at 61.51, which is above the neutral level of 50. This reading suggests strong buying momentum, but it is not yet considered overbought (above 70).

However, it is worth noting that if the RSI continues to rise towards 70, a pullback could occur as traders may begin to take profits.

The Moving Average Convergence Divergence (MACD) indicator also presents a bullish scenario, with the MACD line (blue) having crossed above the signal line (orange). This crossover serves to confirm a bullish shift.

Moreover, the histogram is displaying green bars, further indicating a bullish trend. Together, these indicators suggest the potential for new all-time highs during this market cycle.

The article provides up-to-date information on Jito's price movements and exchange listing, highlighting key metrics and technical analysis for traders and investors interested in the token's performance.