The rise of JTO is driven by derivative traders in the market, as they continue to open more long contracts.
The sellers maintain their viewpoint, but the analysis indicates a clear path for JTO's potential 30% price increase.
Jito [JTO] has recorded the strongest increase in the market with a bounce of 18% in the past 24 hours, leading other cryptocurrency assets.
According to TinTucBitcoin's analysis at the present time, JTO still has room to break out if essential conditions are maintained and the sellers shift their viewpoint.
Futures investors manipulate JTO's movements
The analysis results emphasize that JTO's upward momentum is primarily triggered by derivative traders, as they continue to open new long positions.
The Open Interest Weighted Funding Rate indicator serves as a directional signal for where this asset will trade next.
Source: CoinGlass
At the time of the check, the Open Interest Weighted Funding Rate holds a negative value of -0.0054% but is trending upwards.
This signals that the buying momentum is increasing, pulling this indicator closer to the positive zone.
When JTO surpasses this threshold, a subsequent buying wave may form, pushing the price of JTO further on the chart.
Simultaneous data shows that the total open contract value of JTO is at $77.98 million—up 66.93%, mainly due to the dominance of long positions.
Source: CoinGlass
Open Interest continues to rise, indicating that the capital flow participating in bottom-fishing JTO remains strong, opening up prospects for sustainable growth on the technical chart.
The Taker Buy/Sell ratio of JTO currently stands at 1.03, reinforcing the heat of the investment cash flow that continues to spread.
When this ratio exceeds 1.0, the market shifts entirely to the buying side, piling pressure on the existing bullish trend.
How does the spot selling impact the upward momentum?
Recent records show that the withdrawal flow in the spot market has continuously increased over 4 days, particularly strong in the last 2 trading sessions.
The sellers have offloaded a total of $1.92 million of this asset, creating significant downward pressure in the short term.
Source: CoinGlass
However, the market response remains positive, and JTO continues to maintain its upward momentum. Notably, JTO has just broken out of the ascending channel pattern, which is a characteristic bullish signal.
This breakout acts as a catalyst, helping JTO surge 30% to reach $2.95 on the chart.
Source: TradingView
Spot investors could become a decisive factor if they shift to accumulating rather than selling in the upcoming phases.
Jito's development activity stirs investor expectations
Recently, Jito announced the launch of the separate pool JitoSOL/SOL on the Drift protocol. This upgrade allows investors to stake JitoSOL (liquid staking token) to receive rewards in JTO.
Currently, the total pool value reaches $2.36 million. The increase in staking activity could drive the issuance of JTO more robustly.
If holders prioritize long-term accumulation of JTO, the circulating supply will tighten, a premise to maintain bullish momentum and ignite demand for JTO in the market.
Source: https://tintucbitcoin.com/jto-bat-manh-18-trong-24-gio/
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