Injective (INJ), the native token of the Injective Protocol, a decentralized exchange and derivatives trading platform, has been on a tear recently, with its price reaching a new all-time high of $52.65.
The token’s impressive performance comes on the heels of a bullish breakout from a long-term accumulation range and the launch of inEVM, an Ethereum-aligned rollup designed to supercharge concurrent VM development.
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INJ Breaks Out of 89-Day Accumulation Range
Trader David recently highlighted INJ’s breakout from an 89-day re-accumulation range on the daily chart, suggesting that the token is poised for further upside. After the breakout, INJ appears to be retesting the previous resistance level, which could provide a strong foundation for a continuation of the upward trend.
The breakout has caught the attention of numerous traders and analysts, with many now eyeing higher price targets for INJ in the near future.
Jelle’s $75 Price Target and Trending Move
Trader Jelle, who had previously shared an idea for INJ, celebrated the token’s rise to $50, noting that the new trending move is now underway. Jelle has set a new price target of $75 for INJ, indicating a strong belief in the token’s continued upward momentum.
As more traders and investors take notice of INJ’s impressive performance, the bullish sentiment surrounding the token is likely to grow, potentially fueling further price appreciation.
Injective Surpasses 500 Million On-Chain Transactions
In a recent tweet, Injective announced a significant milestone, having surpassed 500 million on-chain transactions. This achievement highlights the growing adoption and usage of the Injective Protocol, as more users recognize the benefits of its decentralized exchange and derivatives trading platform.
Injective has recently collaborated with DefiLlama to release inEVM, the first-ever rollup designed to supercharge concurrent VM development. inEVM enables Ethereum developers to build dApps that leverage blazing-fast speeds and near-zero fees while achieving composability across WASM and EVM.
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Show more +Technical Analysis: Bullish Breakout and Key Levels to Watch
Our analysis of INJ’s price action reveals a bullish breakout above the upper boundary of a descending channel, accompanied by a significant increase in trading volume. This breakout, which occurred around the $39 level, propelled the price to $46 before a sudden market slump caused a temporary pullback.
However, INJ managed to recover quickly, pushing back to reach its all-time high of $52.65. The token’s ability to maintain its upward trajectory despite market volatility is a strong indication of the bullish sentiment surrounding INJ.
The 200-day moving average (MA) for INJ currently stands at $23.37. With the token trading well above this level, it indicates that the long-term trend is decisively bullish.
The daily chart Relative Strength Index (RSI) for INJ is at 62.35, suggesting that the token has room for further growth before reaching overbought levels. An RSI above 70 would indicate that the token may be due for a correction.
Injective’s recent price surge, driven by a combination of strong fundamentals, growing adoption, and key technical breakouts, has positioned INJ as one of the most promising tokens in the cryptocurrency market. As the platform continues to innovate and expand its offerings, particularly with the launch of inEVM, the future looks bright for Injective and its native token, INJ.
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