NEW DELHI (CoinChapter.com) — The Injective Protocol (INJ) team has several developments in the works, including token unlocks and burn events, which could help INJ price paint a mostly positive run in 2024.
Injective Protocol is one of the few crypto projects that enjoyed a very bullish 2023, with INJ prices in the green for 9 (non-consecutive) months in the previous year. The protocol seems intent on continuing its run in the new year.
The Injective Protocol team has already held a burn event on Jan. 4, which saw the protocol burning 4,000 INJ tokens (worth $130,000). Traders view token burn events as a bullish cue since they often lead to a decrease in the circulating supply. As such, burning can impact a token’s price and scarcity.
Token Unlocks, Mainnet Proposal, And A Mysterious Post: Injective Protocol Is Doing It All
Injective Protocol has several developments lined up. For instance, the platform has a token unlock event scheduled for Jan. 21, which would unlock 3.66 million INJ tokens. The unlock event would put 100% of INJ tokens into active circulation, making the entire circulating supply of INJ tokens 100 million.
Token unlocks often act as a bearish cue for a token, but analysts remain optimistic about INJ’s price action. For instance, a market analyst named Captain Faibik predicted a potential rally for INJ, expecting the token to exceed a $60 price tag.
Another Injective Protocol development that could act as a bullish cue was the project’s developers announcing plans to launch the Volan upgrade on its mainnet. The upgrade would enhance transaction speed with near-instant finality and sub-second block times.
Furthermore, the upgrade would introduce full interoperability with the Cosmos ecosystem and support for CosmWasm, enhancing Injective’s capabilities for smart contract deployment.
Additionally, Injective Protocol also shared a cryptic post asking users to mark their calendars for Jan. 11, which would likely rile up some buzz for the protocol’s token.
INJ Price Continues Consolidating
INJ price continued consolidating above the 20-day EMA (red wave), with the token spiking over 32% to reach a daily high near $44.15 before correcting.
Injective Protocol developments could help INJ price rally to the resistance near $48.3. Moreover, breaking and consolidating above the immediate resistance might help the token target the resistance near $58 before retreating.
However, if the Injective Protocol developments fail to attract traders, the token’s price might drop to the support near $33. Breaching the immediate support might see short traders pouncing on the opportunity, with INJ price falling to the support near $23.5 before recovering.
The RSI for INJ remained neutral, with a score of 60.57 on the daily charts.
