Injective (INJ), a Cosmos-based Layer 1 blockchain, has surged over 11% in 24 hours, trading around $30, after a slower US Consumer Price Index (CPI) inflation rate and a 6 million INJ token burn.
The price of INJ jumped 24.86% from an intra-day low of $25, reflecting positive market sentiment. During this rally, INJ’s 24-hour trading volume increased by 39.72% to $3.41 billion, and its market capitalization rose by 10.30%.
According to CoinMarketCap data, the current resistance level is around $32.07. If INJ breaks and holds above this, further gains could follow. The previous support level at $28 could offer a safety net if prices reverse.
INJ recently broke out from a two-month consolidation period that started in mid-April, trading in a narrow range around $29 before the breakout. Positive CPI news has also boosted the macroeconomic environment, supporting this upward movement.
According to Coinglass data, the trading volume for INJ derivatives rose by 16.67% to $946.44 million, indicating increased market action and liquidity. Open interest in derivatives also increased by 10.06% to $148.58 million, showing that new funds are entering the market.
Crypto analyst Captain Faibik noted a significant breakout from a descending wedge pattern. INJ/USDT on Binance broke above the $29 level, suggesting further upside with a target price of around $58.50, a 127.22% increase from the current price.
Another analyst, CryptoJack, shared a bullish outlook, predicting INJ could double in price. Suggesting entering a long position if INJ closes above $31, with an initial target of $52.
With the recent price action and technical indicators aligning, INJ appears poised for continued upward momentum. The positive market sentiment and increased trading activity further support a bullish outlook for the token.
Also Read: SHIB Burn Rate Soars 2814% as 7.9M Tokens Incinerated
