The post Jito (JTO) and Raydium (RAY) Prices Surge: What’s Driving the Solana DeFi Rally? appeared first on Coinpedia Fintech News
The Solana ecosystem is on fire today, with two of its leading blockchains—Jito (JTO) and Raydium (RAY)—experiencing significant price surges. Currently, the JTO prices are up by over 10%, while Raydium has gained nearly 15% in the past 24 hours. The rally is drawing strong interest from both institutional and retail investors, particularly as optimism around the Solana Network, ETF speculation, and DeFi growth reaches new highs.
Why is Jito (JTO) Price Rising Today?
Jito, a liquid staking protocol on Solana, has seen a dramatic uptick in price, and the reasons include the rise in optimism within the Solana ecosystem and recent SEC filings sparking ETF speculation. Moreover, Jito’s futures open interest has surged, with the traders opening long positions, which indicates bullish sentiments. Besides, Jito Labs has reportedly held a positive dialogue with the SEC, focusing on compliance and token transparency, improving investor confidence.
As seen in the above chart, the JTO price has breached above the descending trend and surged above the 0.236 FIB levels. The RSI is incremental and appears to be poised to rise above the upper threshold, despite multiple failed attempts. Therefore, the JTO price is expected to maintain a healthy consolidation and reach the next target at 0.382 FIB at $2.5 in a short while. However, the bulls may regain control only after the Jito prices secure 0.5 FIB at $2.88 and clinch $3.
What’s Fueling Raydium (RAY)’s Price Surge?
Raydium, a leading automated market maker (AMM) and DeFi protocol on Solana, is also seeing massive gains. RAY’s listing on Upbit (South Korea’s top crypto exchange) has led to a surge in demand, especially from Korean investors. The ongoing buy back program has also gined grounds where protocol’s design allocates 12% of fees to buy back RAY tokens which reduces circulating supply. With this, the RAY price broke through a critical resistance level, triggering momentum traders and algorithms.
The RAY chart shows a huge possibility of a bullish breakout, as the token has held the rising support for a while. The volume spiked massively, suggesting a significant rise in the trading activity. Meanwhile, the Bollinger bands hav squeezed which suggests a massive breakout is on the horizon. Considering the chart patterns, a breakout towards the north is more viable, which could lift the levels into the resistance zone between $3.55 and $3.8. If the price secures and rises above these levels, the bulls may regain control and elevate the levels to new highs.
What Does This Mean for the Solana DeFi
The simultaneous surge in Jito and Raydium prices is a strong indicator of renewed interest in Solana DeFi projects. Both tokens are backed by solid fundamentals and benefit from Solana’s low fees, fast transaction speeds, and growing institutional interest. Moreover, the potential Solana ETF approval could act as a massive catalyst for the entire ecosystem. Jito (JTO) & Raydium (RAY) prices are surging due to a perfect storm of bullish catalysts and as the investors’ interest grows, these tokens could lead the next phase of Solana’s DeFi expansion.
