Injective (INJ) is cooling off today, down about 6%, but the bigger picture still shows strength. Over the past week, INJ is up roughly 11%, it is trading near $3.58. This move did not come out of nowhere. Several things lined up at once.
Injective just rolled out a major chain upgrade that introduces dynamic gas fees using $INJ. The team says this change improves on-chain revenue while lowering costs for users.
🔥NEW: Injective has officially released its new chain upgrade to implement dynamic gas fees with $INJ
— Injective 🥷 (@injective) February 21, 2026
Now Injective is engineered to lead the industry with optimized onchain revenue generation while simultaneously lowering costs for all onchain users. pic.twitter.com/j5tHKRPElh
Around the same time, traders noticed that roughly $2 million worth of INJ was bought by larger players. That type of buying often attracts more attention. This coming from lesser-known analyst.
There is also talk of possible buybacks and growing hype around the upcoming Injective Summit 2026 in Washington, D.C. With more announcements expected this year, sentiment around the project has picked up.
However, the INJ price spike is not happening on weak volume. Trading activity jumped more than 50% in a single day, which supports the strength of the move.
INJ is now trading above its short-term moving averages, such as the 7-day SMA and EMA, which is a sign that short-term momentum is changing.
The RSI is at 73, which means that the token is close to being overbought. This does not mean that the bull run is over, but it does mean that the price may cool off before making another move upwards.
What stands out is that the broader market has been flat. Bitcoin barely moved, and total market cap has been almost unchanged. Yet INJ broke higher on its own, showing that capital is flowing into this coin specifically.
The price of $INJ is going up because the network upgrade was approved and about $2 million worth of tokens were bought by big buyers.
— Nick_richie (@LunaPunkNFT) February 22, 2026
This strong buying shows the market is still positive and confidence is growing.
What could happen next?
•The community may continue doing… pic.twitter.com/DEE5Ze0TPF
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What the Injective Chart Is Showing
On the 4H chart, the INJ price had been in a steady downtrend for weeks, making lower highs and drifting toward the $2.65 area. That zone acted as a base, and price has now bounced strongly from there.
The recent breakout pushed INJ back above the $3.50 level, which had acted as resistance. OBV has started ticking higher, which shows stronger buying pressure compared to earlier weeks.
The MACD has flipped green, which shows short-term momentum is picking up. The RSI is high, meaning the move is strong, but it may be stretched for now.
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What Comes Next for INJ?
If INJ stays above $3.50, the next prices in sight are $4.00 and $4.40. If buyers keep pushing, $5.00 becomes a realistic target.
If the Injective price slips, $3.30 is the first area where it could try to hold. Below that, $3.00 is the line that matters. Losing $3.00 would damage the recent breakout.
Right now, INJ is moving with strength. The upgrade news, large purchases, and higher trading volume have changed the tone on the chart. The next few days around $3.50 will show whether this run continues or cools off.
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