- INJ bulls held support at $21.65 as analysts predict 12x upside to $380.
- Futures open interest trended upward and trading volume jumped 9.54%, signaling strong market confidence.
Injective (INJ) was trading at $27.77 as of press time, showing a 0.46% decline over the past 24 hours and a 1.66% decline over the past week.
The 24-hour trading volume is $221.5 million, with a market cap of $2.73 billion and a circulating supply of 98 million INJ.
The chart shows that INJ is breaking out of an extended downtrend after forming a rounded lower pattern. This structure led to a strong rally as buyers continued to defend the $21.65 support level.
Source:
Staying above this key support is essential to maintain the uptrend. Analysts point to a logarithmic $380 price target, a 12x gain from current levels if the trend remains intact.
Technical indicators suggest mixed momentum
Technical signals for INJ show mixed momentum. In November, the 13-day moving average (MA) crossed above the 49-day moving average, forming a golden cross and signaling an uptrend.
However, the price has now fallen below the 13-day MA at $29.06 while remaining above the 49-day MA. If price fails to hold above the 49-day moving average, the next key support is near $20.31.
Source: TradingView
The Relative Strength Index (RSI) was at 47.63, showing neutral to bearish momentum as it remained below 50. The downward slope of the RSI reflects weakening buying interest.
For buyers to regain control, the price would need to move back above resistance at $29.06, with a potential rise towards $32 in the near term.
On-chain data shows decline in INJ activity
Data from In the block shows a drop in network engagement for Injective. For the week of December 16, there were 654 addresses, including 123 new addresses and 422 active addresses.
New addresses fell 21.66%, while active addresses fell 11.34% over the past seven days.
Source: In the block
The slight 1.87% increase in zero-balance addresses suggests that some users may have moved funds or closed positions. Even though overall user activity has declined, the network fundamentals remain supported by existing users.
Futures data shows continued market interest
According to coin mechanismOpen interest (OI) for INJ futures stands at $174.37 million, reflecting a decline of 0.80%. This indicates slight profit taking or reduced activity in the short term.
However, OI has shown an upward trend since October, suggesting consistent trader participation.
Source: Coinglass
Trading volume increased 9.54% to $271.95 million, demonstrating continued interest in the futures markets.
The increase in trading volume, alongside consistent open interest, demonstrates continued investor confidence in INJ.
Read Injective (INJ) Price Prediction 2024-2025
With technical patterns still in play, growing interest in futures, and strong trading volume, INJ’s setup remains poised for further upward movement.
