Key Takeaways:
- Injective Protocol’s INJ token is up 450% in 2023.
- The latest on-chain and technical data foresees bullish continuation in the remainder of this year.
- That includes a strong whale accumulation trend.
YEREVAN (CoinChapter.com) — Injective Protocol (INJ) has outperformed the crypto market regarding price performance in 2023. Notably, the interoperable DeFi solution is up 450% year-to-date, which includes a 30% retreat from its local high of $9.92 in July 2023.
Now, the INJ price looks ready to continue its bullish cycle for the remainder of the year. Here’s why?
INJ Price Stable During Whale Accumulation Trend
Last month, some of the richest Injective Protocol addresses started accumulating INJ tokens even though the price traded flatly inside a narrow trading range.
Notably, the supply of INJ at addresses with a balance between 10 million and 100 million tokens recently jumped from 74% to over 80%. That coincided with the drop in supply held by the 1 million-to-10 million INJ balance cohort, showing most “whales” bought INJ atop their existing holdings.
The trend displays whales’ bullishness toward the Injective Protocol, which typically influences broader market sentiment, primarily retail investors.
Injective Protocol Fractal Sees Massive Rebound in 2023
INJ price has remained flat since mid-August 2023, bouncing between $6.54 and $7.80. The sideways consolidation primarily mirrors moves elsewhere in the crypto market, owing to the Federal Reserve’s rate hike suspense until Sep. 19-20.
Nonetheless, the Injective Protocol consolidates near a historical support level whose last retest had resulted in a 70% price rally. Therefore, INJ’s probability of undergoing a similar bounce in 2023 remains high if the fractal plays out as intended.
Suppose it happens. Then, the INJ price’s next upside target appears around its multi-month horizontal level resistance at $9.45. In other words, a 40% rally by the end of 2023.
Bitkub Listing Could Push INJ Price Up
As a bonus, INJ will get listed on Thailand’s largest crypto exchange, Bitkumb, on Sep. 8, broadening its adoption capabilities globally.
