Jito's TVL Plummets $59M as Bears Take Control

Jito's native token, JTO, has taken a hit in recent days, with its price plummeting by 11.59% over the past day. This slump follows a year-to-date surge of 42%, but sentiment is now shifting as sellers gain control. The total value locked (TVL) in Jito has also fallen significantly, dropping by more than $59 million since July 23.

Despite this decline, some bullish structures remain, pointing to a possible rebound for JTO. Earnings data on DeFiLlama shows that Jito generated more income in July than June, with three days of data still to come. The Funding Rate also remains positive, indicating that long JTO positions dominate the market.

The liquidation heatmap from CoinGlass reveals clusters above and below the current price level, suggesting that a rebound is possible. However, the TVL decline and falling Open Interest (OI) on centralized exchanges indicate that bears still have control.