Top analyst Jip Molenaar shared on X that Injective Protocol (INJ) may be poised for a major upward move. Molenaar explained INJ’s potential, hinting at a price target exceeding $30.
Injective’s price jumped up by nearly 23% in just one day. Even more impressive was how many people were trading it – the number of buyers and sellers shot up by 305%.
The analyst believes Injective’s price could soon reach $30 or even higher, which has gotten many traders excited about its potential. He offered to reveal more trading insights if his tweet reached a certain engagement level, creating a buzz around the token’s possible breakout.
What you'll learn 👉
Injective Key Price Levels and Current Range
The INJ price chart shows a clearly defined range in which the token has been trading. A major resistance zone is observed around the $23.70 to $25 levels, where previous price rallies have consistently stalled.
On the downside, a support zone exists near $13.50, where buyers have stepped in to prevent further declines. The token has oscillated within this range since April, after reaching a high near $45 in early 2024 and then retracing to the current trading levels.
The price hovering between these defined levels suggests a range-bound trend with INJ awaiting a catalyst to break free. A potential breakout above $23.70 could signal a shift in trend, aligning with Molenaar’s price prediction of $30+.
Downward and Sideways Trend Since April
Since hitting highs earlier this year, INJ has predominantly followed a downward to sideways trajectory, struggling to gain momentum above the established resistance levels.
However, recent price movements reveal a bounce near the $13.50 support, a sign that buyers are showing renewed interest at lower levels. This development indicates that bulls may be attempting to build momentum, keeping the token within the established trading range and potentially preparing it for a breakout.
The continued defense of the $13.50 support suggests that this area remains a critical level for buyers. Traders are closely watching for any upward movement toward $23.70, where a breakout could attract more bullish interest.
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Analyst’s Price Prediction and Potential Breakout
Jip Molenaar expressed confidence in INJ’s potential to reach the $30+ target, contingent on breaking past resistance levels. His prediction underscores the importance of overcoming the $23.70 barrier, which could act as a springboard for the price.
The reference to “revealing his next trading idea” suggests that Molenaar may be eyeing specific technical patterns or other signals that support a bullish outlook.
A sustained move above the resistance could indicate a positive shift, potentially drawing in traders who have been waiting for a clear breakout. With technical indicators hinting at renewed momentum, INJ’s price action could experience heightened volatility, especially if trading volumes increase near the resistance.
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