- Injective (INJ) shows strong momentum, with a potential 36% rally by December’s end.
- Increased user activity and large transactions signal growing market interest in INJ.
- Bullish indicators like the Ichimoku Cloud and TSI suggest continued upward price movement.
Injective (INJ) has shown impressive growth in 2024, jumping 82% year-to-date and reaching a new all-time high of $52.72. A breakout above $30 has sparked expectations for a potential 36% rally by the end of December. The platform’s deflationary tokenomics and efficiency set it apart from competitors like DYDX.
Strong Momentum and Key Support Levels
Injective has gained significant upward momentum. Currently trading at $32.33, INJ has risen by 7.86% over the past week. The $28.00–$30.00 zone has served as strong support, helping to fuel the recent rally. As long as the price holds above this support level, bulls may target the all-time high of $52.77.
The 4-hour chart also shows a steady upward trend within a rising channel, suggesting further growth. After breaking through $22.96, INJ surged 41.72%. The next resistance point lies at $42.00, a 28.02% upside from current levels. If the lower boundary of the channel holds, the bullish trend is likely to continue.
User Activity and Market Interest Drive Price Action
INJ’s transaction volume has increased significantly since early September. Large transactions surged from about ten per day to sixty by late September. This rise in activity coincided with a price jump from $22.96 to $32.00. However, large transactions dropped in October.
But in November, the number of large transactions spiked again, peaking at fourteen per day as the price broke above $30.00. This increase in market interest and investor activity signals that larger players are entering the market. Data from IntoTheBlock reveals that 57.55% of INJ addresses are profitable.
Meanwhile, 33.32% of addresses are at a loss, having bought above this price. The profitable range extends up to $29.62, while losses begin above $33.80. Technical indicators confirm a bullish outlook. The Ichimoku Cloud shows a widening green span, signaling strong momentum.
