Despite this bullish news, Jito’s price has experienced a decline of 2% over the past 24 hours, trading around $1.93 as of writing.
Jito (JTO) tokens trade near $1.93 on Friday as their decline in recent weeks extends despite top news from SOL Strategies, a publicly traded Solana infrastructure company.
According to market data, JTO price is down 2.2% in the past 24 hours and -13% in the past week.
This downturn suggests that market sentiment may be influenced by broader market trends, with top coins consolidating at key levels following recent gains.
Several altcoins are also down amid specific catalysts, an example being Across Protocol.
SOL Strategies, formerly Cypherpunk Holdings Inc., has its eyes on bolstering the Solana ecosystem.
In a blog post on Thursday, the company revealed its playbook – a Strategic Ecosystem Reserve (SER) for top Solana ecosystem projects.
The SER is an initiative funded through a portion of the company’s validator revenue and aimed at acquiring and supporting foundational projects.
Initial support is for Jito, the Solana maximal extractable value (MEV) infrastructure and liquid staking protocol.
Per SOL Strategies, 52,181 JTO tokens are the first to make up the SER, a move that could boost the $2.6 billion total value locked Jito Network.
Leah Wald, CEO of SOL Strategies, emphasized that this reserve is not merely a token accumulation strategy but a deliberate effort to back projects critical to Solana’s growth.
“As a technology company focused on building the future of decentralized finance infrastructure, partnerships with foundational providers like Jito align perfectly with our vision. We’re not just investing in tokens — we’re investing in the infrastructure that is driving transaction processing for millions of Solana users while backing a team that is instrumental in driving forward innovation within the ecosystem,” Wald said.
While Jito’s price has dipped despite the positive news from SOL Strategies, the strategic acquisition points to institutional investor confidence.
SOL Strategies bets on the fact that Jito is a key player in the Solana ecosystem.
In this case, further support may provide buying pressure for the JTO price.
However, the short-term outlook has the technical indicators – the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) – signaling bearish continuation.
If the technical picture strengthens, bears might extend their dominance and push prices lower.
Support levels lie around $1.58. On the upside, primary resistance could be around $2.10-$2.30.
