Solana (SOL), a competitor to Ethereum Layer-1, has seen a decline in price recently, falling below $55 amidst a broader market sell-off. Despite this correction, SOL remains above its 50-day and 200-day exponential moving averages (EMAs), indicating some resilience. The coin is currently valued at approximately $55.61. Analysts suggest that as long as SOL maintains levels above the 50 percent Fibonacci level at around $42, there is potential for a bullish resurgence. Price targets include $78.2, $100, and $121.75. In addition to price movements, Solana-based DeFi projects have gained traction. Jito, the second-largest protocol in the Solana ecosystem by total value locked (TVL), is preparing to launch its new governance token, JTO. This initiative aims to enhance community engagement and decentralize decision-making processes within the protocol. The introduction of the JTO token, with a total supply of 1 billion, signifies a significant development for Jito and its commitment to decentralization.On-chain metrics for Solana reveal interesting insights. Whale movements have played a role in the recent price drop, with over 2.1 million SOL transferred in three transactions, indicating major selling activity. This has spooked retail investors, leading to further selling. The destinations of these token transfers suggest over-the-counter (OTC) activities and potential selling actions on cryptocurrency exchanges, such as Coinbase.Despite the price drop, Solana’s active addresses have surged to a six-month high of 444.48k, indicating growing interest and sustained demand for SOL tokens. This rise in active addresses reflects increased engagement within the Solana ecosystem and suggests a positive outlook for the future.Please note that this summary is based on the provided context information and not prior knowledge.

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Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	1
People	Marouane Garcon
Companies	The Real-World Asset Exchange, Coinbase, Jito, Whale Alerts
Currencies	Solana
Securities	None