Cryptocurrencies continue to capture the attention of investors and traders worldwide. This week, we have witnessed some notable performances from Jito (JTO), Solana (SOL), and Avalanche (AVAX).

These three cryptocurrencies have made significant contributions to the overall surge in the global crypto market cap, which has seen a remarkable increase of 7.9%. In this article, we will delve into the latest developments and price movements of JTO, SOL, and AVAX, providing you with insights into these top cryptos to watch this week.

Jito (#JTO ): A Promising Debut

Jito, a liquid staking platform built on the Solana blockchain, made its debut this week with the release of its governance token JTO. The token quickly gained traction, benefiting from the overall bullish market sentiment. Within 24 hours of its launch, JTO recorded an impressive trade volume of $1.1 billion. This surge in interest propelled the token’s price to reach a high of $4.36 on December 9.

However, JTO faced resistance at the $3.67 and $4.36 levels, resulting in a subsequent price correction. As of the reporting time, JTO is trading at $3.36, reflecting a 64.7% increase in price over the course of the week. To maintain its upward momentum, JTO needs to hold above the support level at $3.30. With a market capitalization of $382 million, Jito has quickly climbed the ranks to become the 147th largest cryptocurrency.

JTO pumped like crazy. First entrants who joined the JTO frenzy on Binance post-listing have, as of the time of publication, experienced close to 50x return. JTO's market cap now exceeds $300 million, with a 24-hour trading value of over $1.3 billion. And that's the nature of airdrops - they reward those that come first.

Solana (#SOL ): Reaching New Heights

Solana, the blockchain platform on which Jito is built, has also made significant strides this week. SOL started the week with a price of $63 and successfully surpassed several psychological price thresholds, including $40, $50, and $60. Building on the positive market sentiment, SOL surged by 23.5% to reach a high of $77.78 on December 9, conquering the $70 territory.

This impressive price surge not only recovered the losses from the FTX collapse but also recouped some of the losses from the Terra implosion. SOL’s ability to maintain its bullish momentum is evident in its current trading price of $71.94, only experiencing a slight 2.64% drop today. Moreover, SOL remains above the 50-day EMA ($52.64) and the 200-day EMA ($34.23), indicating a sustained bullish trend in the short and long terms.

Avalanche (#AVAX ): Consistent Performance

Avalanche has been one of the standout performers this week, recording six consecutive intraday gains. On December 4, AVAX started the week with a 3.37% increase in price, rising from $21.94 to $22.68. The upward momentum continued as AVAX surged by 8.20% on December 7, aiming to reclaim the $25 price level.

The cryptocurrency successfully achieved its target by reaching $25 on December 6, and the rally persisted throughout the week. AVAX even surpassed the coveted $30 threshold on December 8, demonstrating its strength in the market. Despite the recent market downturn, AVAX remains up by 45% for the week, currently trading at $31.87.

To sustain its uptrend, AVAX needs to defend the support level at $30.44 amidst the momentary market correction. Ava Labs, the startup behind the Avalanche network, has played a crucial role in the success of AVAX, led by CEO Emin Gün Sirer.

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