The price of Injective Protocol’s native token INJ has pumped significantly in the last 24 hours, rising over 27% to $12.68 at the time of writing. This latest price movement comes as decentralized finance (DeFi) and altcoins gain renewed interest amidst a broader rally in the crypto markets.
In the last week alone, INJ has surged over 62% as trading volumes exceeded $230 million in the past day. INJ now stands at a market capitalization of over $1 billion as the Injective ecosystem continues to expand.
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Injective Protocol is a layer-one blockchain tailored for decentralized finance applications like exchanges, derivatives, prediction markets, and more. The network uniquely offers an on-chain orderbook and supports all major types of financial markets fully on-chain.
According to crypto analyst Heisnberg, INJ bulls are breaking through key resistance levels following his recent chart analysis. Heisnberg sees INJ hitting $14 in the near-term as this rally picks up steam.
Other experts have loftier predictions. Altcoin Gold called Injective “a comfy hold” and noted conviction from investors as over $400 million worth of INJ is now staked on the network. Meanwhile, analyst Mr. APE aka GEM Hunter said INJ “looks unstoppable” and could soon be in triple digits.
From a technical perspective, INJ broke out of a $10 range it had been trading in over the past few weeks. The breakout occurred on rising volume, adding to the bullish momentum.
Injective backers also point to the project’s substantial development milestones and its interoperability with Ethereum, Cosmos, and non-EVM chains. The protocol uses an advanced CosmWasm smart contract platform and has instant transaction finality.
With momentum tilted to the upside, INJ seems poised to continue its massive run. The wider excitement around DeFi could provide fuel for the token to sustain this breakout and hit new all-time highs. Crypto analysts will be closely monitoring if INJ can deliver the kind of parabolic gains that made LUNA a standout performer in previous bull markets.
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