The Solana-based Jito token jumped nearly 30% over the past day, thanks to Bitget’s PoolX platform, which is hosting a Jito-only event. Users can lock BGSOL, Bitget’s staked SOL, to earn a share of a 35,000 JTO reward pool.
The event ends at 23:59 UTC+8 on June 16, and the rush to participate is pushing up buying. However, once the rewards end, the extra buying is likely to stop too.
The promotion is also getting a boost from a strong narrative. Jito’s upcoming JTX trading app plans to use 80% of its fees to buy back JTO tokens. Analysts think this could mean steady demand, not just a short-term price jump.
JTX is Jito’s soon-to-launch Solana trading app that brings charts, trade execution, portfolio management, and capital management together in one place. The app is designed for experienced traders, with self-custody as the default and on-chain maker limit orders as a key feature.
Jito Price Faces $0.78 Test as RSI Nears Overbought
JTO’s breakout was strong, making it one of the top movers in the crypto market with a 30–40% rise from recent lows. Spot trading volume shot up over 600% in a single day, while futures volume jumped more than 1,200% to over $680 million on CoinGlass. This could mean the momentum is overstretched.
On the daily chart, the RSI is near 69, placing the token in the overbought zone and suggesting a reversal soon.
Today’s action also looks like a classic “buy the rumor, sell the news” situation. Traders are buying ahead of the event and may sell once it ends. Since the Bitget PoolX rewards only last until 23:59 UTC+8 on June 16, those chasing the 35,000 JTO pool might sell after the event. This could push the Jito token price back toward $0.58 or even lower once the event is over.
For key levels, Jito token first needs to reclaim $0.78, the session high at $0.7828, before sellers step in. After that, the next big barrier is around $0.88.
If the rally fades, support is near $0.58 from the early-June base, with the rising 50-day average near $0.5051. Further down, the old $0.40 resistance now acts as support if buyers lose momentum. If the JTO token falls below that level, the next key support is around $0.22, which is about 71% below the current level.
READ MORE: Ventuals Winds Down After $650M in Pre-IPO Perps Volume
