Injective Could Be the Sleeper Hit of This Alt Season – Here’s Why the INJ Price Could Rally 50%
Injective (INJ) is back on traders’ radar as it starts to show signs of breaking out of a long-running downtrend. Crypto expert Captain Faibik pointed out on X that INJ price looks ready to break above its descending channel. That’s caught the eye of many in the market, especially as price action starts heating up near a major resistance level.
Injective has been stuck in a steady downtrend for months, but things might be changing. The latest daily chart setup suggests a possible reversal could be on the way. With momentum picking up and sentiment improving across altcoins in general, Injective could be gearing up for a strong move.
What you'll learn 👉
Injective Descending Channel Structure Observed
Technical analysis of INJ price on the daily timeframe reveals that the asset has moved within a descending channel since late 2023. This pattern includes consistently lower highs and lower lows. The upper trendline has served as a strong resistance, while the lower boundary has offered reliable support.
In recent weeks, INJ rebounded from the lower boundary of this channel. Price has since moved upward, approaching the upper trendline once again. Traders are watching closely for a confirmed breakout, which could signal a transition from a bearish structure to a bullish trend.
Midterm Accumulation and Potential INJ Price Target
Captain Faibik posted a tweet encouraging followers to monitor Injective, stating that the asset “looks promising for the channel breakout.” He further noted that it may be a good time to accumulate INJ for the midterm. His post implies that market participants could be positioning themselves for a move higher.
A projected target from the current chart pattern suggests a potential upside of approximately 53%. This aligns with historical price levels in the $19 to $20 range. Such a move would follow a breakout above the channel’s upper resistance, which lies near the $16.50 to $17.00 zone.
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Moreover, INJ price lower boundary of the descending channel around $12.00 to $13.00 continues to serve as key support. Another support level can be identified near $11.50, where previous price reactions have occurred. On the upside, immediate resistance stands around $17.00, while the next potential area lies between $20.00 and $21.00.
A sustained move beyond the resistance zone may attract further interest from traders watching for trend confirmations. Until then, the current price action remains at a pivotal point.
INJ Market Sentiment and Outlook
The current pattern and social engagement indicate growing interest in INJ’s price trajectory. Analysts and traders appear to be closely tracking developments around the resistance zone. While confirmation of a breakout is still pending, the setup continues to generate discussion.
Should the breakout occur with strong volume, INJ may become one of the notable performers during the current altcoin cycle. The market awaits further confirmation in the days ahead.
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