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.
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 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.
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