Injective’s [INJ] bullish momentum appears likely to persist, as the asset has surged by 49.15% over the past week and recorded an additional 16.09% increase in the last 24 hours alone.
Nevertheless, for INJ to attain the $53 target, the uptrend will need a substantial short-term support level to withstand selling pressure from individual investors.
While some minor holders have shown a lack of confidence, major players have remained positive. However, for this optimism to result in further advances, the market needs robust immediate support.
Injective: Pathway to a 102% Upsurge
At the current moment, INJ seems poised for a potential rally, with a trajectory that could potentially drive it back to its high of $53.00 from March 2024.
The recent upturn follows INJ’s breakout above a descending trendline on the chart—a pattern often associated with price surges.
This initial breakout might propel INJ to a peak of $32.99, representing a 25.3% increase from its current value.
If INJ can maintain trading above the $32.99 threshold as a fresh support level, as observed in previous rallies, the asset could experience a further uptick, potentially amounting to a 100.04% gain.
This support level has previously played a pivotal role in triggering strong rallies and could pave the way for INJ to once again target $53.00.
Whales Halt Selling Activity as…
Whale transactions have decelerated, as significant holders have paused their sales following a notable drop in transaction volume that recently yielded profits.
Whales—major stakeholders owning up to 1% of an asset’s entire circulation—wield significant influence on price trends.
A conspicuous decline in substantial transactions typically indicates that whales are holding onto their positions rather than divesting.
This change seems linked to a recent surge in development activity, which has reached a record peak at the time of writing.
Increased development endeavors often enhance asset sentiment by showcasing active enhancements within the ecosystem, potentially driving prices upwards.
Should both whale holding patterns and development activity sustain this positive momentum, INJ may attain a short-term goal of $32, positioning it for further growth.
Retail Sell-Off Could Stall INJ’s Rally
Data from Coinglass reveals heightened selling among individual traders, as evidenced by a positive exchange Netflow.
Over the past 24 hours, there has been a substantial inflow of INJ into exchanges, surpassing outflows.
This trend suggests that retail traders are beginning to take profits, with over $4 million moved onto exchanges for potential sale.
If retail selling continues at this rate, it might impede the momentum of INJ’s rally, potentially affecting its upward trajectory.