- INJ bulls had support at $21.65 as analysts predict a potential 12x move to $380.
- Futures Open Interest showed an upward trend and trading volume increased by 9.54%, signaling strong market confidence.
injective [INJ]acted on $27.77 at the time of writing, down 0.46% over the past 24 hours and down 1.66% 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 INJ 98 million.
The chart shows INJ breaking a long-term downtrend after forming a rounded bottom pattern. This structure led to a strong rally, with buyers continuing to defend the $21.65 support level.
Source:
Staying above this key support is essential to maintain the bullish continuation pattern. Analysts points to a logarithmic value price target of $380, a 12x gain from current levels if the trend remains intact.
Technical indicators point to mixed momentum
Technical signals for INJ show mixed momentum. In November, the 13-day moving average (MA) rose above the 49-day MA, forming a Golden Cross and signaling a bullish trend.
However, the price has now fallen below the 13-day MA to $29.06 while remaining above the 49-day MA. If the price fails to hold above the 49-day MA, the next major support is near $20.31.
Source: TradingView
The Relative Strength Index (RSI) stood at 47.63, showing neutral to bearish momentum while remaining below 50. The downward slope of the RSI reflects declining buying interest.
For buyers to regain control, the price needs to get back above the resistance at $29.06, with potential upside towards $32 in the near term.
On-chain data shows a decline in INJ activity
Data from InTheBlok shows a decrease 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: IntoTheBlock
The slight 1.87% increase in zero-balance addresses suggests that some users may have moved funds or closed positions. Although overall user activity has declined, the foundations of the network remain supported by existing users.
Futures data shows steady market interest
According to Mint glassOpen interest (OI) for INJ futures is $174.37 million, reflecting a decline of 0.80%. This indicates mild profit-taking or reduced activity in the short term.
However, OI has been showing an upward trend since October, indicating consistent trader participation.
Source: Coinglass
Trading volume rose 9.54% to $271.95 million, showing continued interest in futures markets.
Rising trading volume, alongside steady open interest, indicates continued investor confidence in INJ.
Read Injective [INJ] Price forecast 2024–2025
With technical patterns still in play, rising interest in futures and strong trading volume, INJ’s setup remains primed for further upside.