Jito Surges on Debut, Aims for $5 Target
Jito, a liquid staking platform built on Solana, launched its governance token JTO this week. The token quickly saw a surge in price, reaching $3.67 on Dec. 8. Despite facing resistance at $3.67 and experiencing a short consolidation period, JTO managed to push for a new peak of $4.36 on Dec. 9. However, it ultimately fell to $3.34. Currently trading at $3.36, JTO has gained 64.7% this week and needs to maintain support at $3.30 to avoid further drops.
Solana Reaches Pre-Terra Highs
Solana’s positive momentum this week contributed to the optimism surrounding Jito. The asset surpassed several psychological price thresholds and reached a high of $77.78 on Dec. 9, marking its highest price since May 2022. Despite facing resistance at $77.78, SOL remains above key EMAs and maintains bullish momentum with a daily RSI of 68.
Avalanche Records Six Consecutive Wins
Avalanche had an impressive week with six straight intraday wins. Starting at $21.94 on Dec. 4, AVAX reached $30 on Dec. 8 without experiencing any intraday losses along the way. Although it is currently down 0.13% at $31.87, AVAX has gained 45% this week and must defend the $30.44 support to sustain its uptrend.
Hot Take: Crypto Market Cap Surges as Bitcoin Leads the Way
The global crypto market cap increased by 7.9% this week, rising from $1.52 trillion to $1.64 trillion. Bitcoin played a significant role in this growth, particularly with its push above $44,500. However, other assets like Jito, Solana, and Avalanche also made noteworthy contributions. Jito’s debut was marked by a surge in price and an attempt to reach a $5 target. Solana reached pre-Terra highs and maintained its bullish momentum, while Avalanche recorded six consecutive intraday wins. Overall, the crypto market continues to show strength and potential for further growth.
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