The Injective (INJ) coin has been on a tear recently, surging over 120% in the last month to reach levels not seen since late 2021. INJ is currently trading around $17, which marks a 2-year high for the altcoin.
This massive price increase has shifted sentiment decidedly bullish on INJ, with the majority of holders now in profit from their positions. According to data, approximately 95% of addresses holding INJ have seen gains as the price continues climbing.
Keypoints
- The Injective (INJ) coin price has reached a 2-year high, surging over 120% in the past month. Currently trading around $17.
- 95% of INJ holders are now in profit as the price continues its bullish run.
- Whale transactions over $40 million in the past 2 weeks indicate increased activity and have helped drive the price up.
- Short liquidations of over $6 million have weakened resistance levels, allowing more buying demand.
- Majority of holders bought below current levels, but 2.7% bought around $20-$22 and are facing losses.
- If price can break $23 resistance, it may reach new all-time highs by end of 2023. Failure to hold $13 support could see a drop back to $10.
- Injective processed a milestone 300 million on-chain transactions, showcasing scalability.
- Integrated Notifi for real-time trade notifications, enhancing user experience.
- Price is overbought and faces potential resistance at $15 which could lead to uncertainties.
- Analysts expect Injective to reach $20+ by end of 2023 if bullish momentum continues.
Several factors have contributed to this renewed interest and upside price action for INJ.
Increased whale activity, with transactions over $40 million in the past two weeks, has provided momentum for the rally. These large trades signify rising involvement from institutional and high-net-worth investors.
Additionally, over $6 million worth of short positions have been liquidated recently, removing resistance levels and allowing more room for growth.
INJ also hit a major milestone recently, processing 300 million on-chain transactions. This achievement highlights the blockchain’s scalability and ability to support real-world use cases across DeFi, NFTs, and more.
The integration of notification platform Notifi also brings real-time alerts to users, improving the trading experience. This innovation helps showcase why INJ is one of the leading DeFi protocols.
Concerns Remain Despite Rally
However, some potential headwinds remain that could slow momentum for INJ. The price is currently overbought, having surged so dramatically in a short period. This brings the chance of a pullback as traders take profits.
Moreover, analysts have highlighted resistance around the $15 and $23 levels. Failing to break above these could result in INJ losing steam.
Approximately 2.7% of holders are also at losses after buying around the $20 mark near launch. Their selling pressure could mount if the rally stalls.
Forecast Calls For Continued Upside
Despite some uncertainties, the overall consensus remains bullish on INJ over the longer term. If the buying pressure holds up, analysts forecast the price reaching $20 by year’s end. This would require decisively breaking overhead resistance.
With Injective delivering on milestones and integration achievements, while whale interest continues rising, the foundation is solid for the altcoin to potentially set new all-time highs before 2023. Traders will be closely watching to see if and when INJ can break out further.
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Author: Oliver Dale
