YEREVAN (CoinChapter.com) — Jito token JTO consolidated sideways at $3 on Dec. 12 after soaring 600% since Dec. 7. The Solana-based token also bagged two listings on Dec. 11 from CoinSpot and Bitget exchanges. The listings didn’t propel the price, and the Jito JTO market cap stood at $356 million. But Bitget officials foresee a nearly 2,500% growth.
Can Jito JTO Market Cap Jump 2,500%?
Ryan Lee, Chief Analyst of Bitget, shared his thoughts regarding JTO’s current market valuation and future outlook. The analyst told CoinChapter that the “majority of circulating shares are airdropped and provided to liquidity providers.”
It is anticipated that next year, propelled by market trends and Solana’s development, JTO may challenge a total market cap of $10 billion. However, starting from the end of 2024, gradual market dilution and a subsequent decline in price are expected.
commented Lee.
Notably, as a Solana-based protocol, Jito depends on the overall investments to the blockchain. According to the latest CoinShares report, Solana inflows in the previous week stood at over $3 million, the largest after Bitcoin (BTC) and Ethereum (ETH), which should appeal to Jito bulls.
However, it might be too early to conclude Jito’s future market cap, as the token is a few days old. As of Dec. 12, its trading volumes have subsided to $445 million, a drop from $1.17 billion on Dec. 9.
Notably, the trading volumes alone do not indicate a bias, as they include both the buys and the sales. However, passive trading could indicate a lowering interest among traders, leading to a price cool-off.
The upcoming sessions will shed light on the possible price action and Jito market cap once more on-chain metrics are available to conclude.
Jito Technicals Bearish
JTO token also dropped to a support line at $3 in the European hours on Dec. 12. However, given the lowering trading volumes, a full recovery is unlikely in the coming session.
If the drawback continues, JTO could drop to its previous down-sloping support trendline, which prevented sharp declines for the previous two days. Thus, the target price for JTO is $2.6, or 13% lower than the current value.
