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?
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.
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.
As a bonus, INJ will get listed on Thailand’s largest crypto exchange, Bitkumb, on Sep. 8, broadening its adoption capabilities globally.
Thirteen years ago, Greg Schoen made a notorious decision. On May 17, 2011, he sold…
Reddit's stock RDDT jumped 15.90% in the week ending May 17, with investors picking their…
Here is the top crypto news of the day curated by CoinChapter.com.
BlockDAG's latest dashboard update is turning heads with its capability for real-time transaction monitoring, raising…
Ripple's XRP Surges 10% NAIROBI (Coinchapter.com) - Ripple's XRP surged as news broke about the…
Alex Labs NAIROBI (CoinChapter.com) — Bitcoin layer-2 developer Alex Labs has successfully frozen over $3.9 million…