Injective (INJ) Now Ready for a Rally to This Next Key Level After +70 Days of Accumulation Breakout

February 29, 2024

INJ Price Set to Take Off and Leave Bitcoin in the Dust as Market Trades in Red

Cryptocurrency analyst Jelle (@CryptoJelleNL) has posted that blockchain project Injective Protocol’s INJ token appears poised for a price surge based on recent market activity.

Accumulation Period Ending

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According to Jelle’s tweet, “INJ is breaking out from a 70+ day re-accumulation range! Market structure has now flipped fully bullish, it looks ready to push deep into the $50 range.”

He notes that INJ has been ranging between $32 and $42 price levels for over 70 days as investors have been accumulating the token. Now with its breakout above $43, Jelle believes the technical setup is bullish for INJ to rally toward the $50 level.

Recent Price Action

Supporting his view, INJ has already gained 8% today and 22% over the last week. With bullish momentum building behind the blockchain project and total value locked metrics continuing to rise, traders seem to be anticipating further upside for the token in the near-term.

As with any cryptocurrency prediction, it remains to be seen if this rally call will play out. But Jelle lays out a reasoned case for the potential of an INJ price surge fueled by its latest chart breakout.

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