Injective (INJ) Coin Surges to 2-Year High
The price of the Injective (INJ) coin has experienced a significant surge, reaching a two-year high and surging over 120% in the past month. Currently trading around $17, this marks a remarkable achievement for the altcoin.
Bullish Sentiment as Majority of Holders Profit
The substantial price increase has resulted in a shift in sentiment towards INJ, with the majority of holders now in profit from their positions. Data shows that approximately 95% of addresses holding INJ have seen gains as the price continues its upward trend.
Whale Transactions and Short Liquidations Drive Price Action
Increased whale activity, characterized by transactions exceeding $40 million in the past two weeks, has played a significant role in driving the price up. These large trades indicate growing involvement from institutional and high-net-worth investors.
In addition, over $6 million worth of short positions have been liquidated recently. This has weakened resistance levels, creating more room for buying demand and further contributing to the bullish momentum.
Not All Holders Are Profiting
Although the majority of holders bought below the current price levels, approximately 2.7% of them purchased around $20-$22 and are currently facing losses. The selling pressure from these holders could increase if the rally stalls.
Price Outlook and Milestones Achieved
If the price can break through the $23 resistance level, analysts predict that INJ may reach new all-time highs by the end of 2023. However, failing to hold the $13 support level could result in a drop back to $10.
Injective has recently achieved a milestone of processing 300 million on-chain transactions, showcasing its scalability and ability to support real-world use cases across DeFi, NFTs, and more. The integration of the Notifi notification platform has also enhanced the trading experience for users.
Concerns and Potential Resistance Levels
Despite the rally, there are some concerns that could impede INJ’s momentum. The price is currently overbought, increasing the likelihood of a pullback as traders take profits. Analysts have identified potential resistance levels around $15 and $23, which could hinder further growth if not surpassed.
Positive Forecast for INJ
Despite these uncertainties, the overall consensus remains bullish on INJ in the long term. If buying pressure continues, analysts expect the price to reach $20 or higher by the end of 2023. The achievements in milestones and integrations, combined with increasing whale interest, provide a solid foundation for INJ to potentially set new all-time highs before 2023.
Hot Take: INJ Surges to Two-Year High Amid Bullish Momentum
The Injective (INJ) coin has experienced an impressive surge, reaching a two-year high and surging over 120% in the past month. With approximately 95% of holders now in profit and various factors driving the price up, including increased whale activity and short liquidations, the sentiment towards INJ has become decidedly bullish. However, concerns remain about potential resistance levels and the possibility of a pullback due to overbought conditions. Despite these uncertainties, analysts forecast continued upside for INJ if buying pressure persists. With milestones achieved and integration advancements, as well as growing whale interest, INJ has the potential to set new all-time highs before 2023.
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