The Rise of INJ: A Year of Astounding Gains
The price of Injective (INJ), an AI financial blockchain, reached an unprecedented $44 on December 20, marking a year of gains of 3,200%. Data shows that major investors in the Injective ecosystem began increasing their holdings after INJ surpassed its previous all-time high of $22. Despite some temporary weakening, the overall outlook for continued price growth remains optimistic.
INJ Flexes Its Muscles
Over the past month, INJ has seen an impressive 150% increase in price. Despite profit-taking by large wallet addresses, the token’s price continues to rise. On-chain measures support these price gains.
Currently trading at $38.60, INJ has experienced a 28% increase in the previous seven days, despite a slight retreat. While some analysts predict INJ prices could surpass $40 by the end of the year, macroeconomic factors may influence this outcome.
More Whales Are Gobbling Up INJ
Between December 4 and December 19, whale trades valued at $100,000 and above increased significantly, contributing to the price boom. Data also shows that INJ holders have made profits from token sales in December.
Since mid-October, INJ has seen a remarkable 500% growth in value. Technical analysis suggests a bullish outlook for the token’s ascent, particularly above $44. Analysts and investors anticipate that INJ will likely surpass the $40-$50 price range in the near future.
Bullish Movement Among High Net Worth Investors
Santiment’s on-chain data reveals a bullish movement among high net worth investors and businesses holding INJ. The top 100 Injective wallets have shown a substantial increase in purchasing activity this week.
As of December 8, these wallets held 96.63 million INJ. However, as of December 20, they added an additional 460,000 INJ to their holdings, bringing the total value to 97.06 million INJ.
Hot Take: INJ’s Phenomenal Year
Injective (INJ) has had a phenomenal year of gains, with its price reaching unprecedented heights. Despite some temporary weakening and profit-taking, the overall outlook for continued price growth remains optimistic. INJ has attracted the attention of major investors and whales, further driving its rise. Technical analysis suggests a bullish prognosis for the token’s future ascent. With high net worth investors showing increased interest in INJ, it is likely to surpass its current price range in the near future. Overall, INJ’s performance highlights its potential and the market’s positive sentiment towards it.
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