Injective (INJ) was positive in 2023, with prices up nearly 500% since the turn of the year. This significant increase ranks the cryptocurrency as one of the best performing assets of the year.
Over the past week, the INJ token has been on an upward trend, adding more than 26% to its value.
Injective Price Records 8% Daily Profit – Price Action
INJ, the native token of the Injective ecosystem, has maintained its recent bullish momentum, registering an 8.3% increase in the past 24 hours. At the time of writing, the token is valued at $7.53, according to data from CoinGecko.
However, a broader look at the market shows that Injective’s price has remained within a range over the past few weeks. Since reaching an annual high of $9.32, the INJ price has moved mostly sideways, albeit down 19.2% from its 2023 high.
With the turbulent market conditions, it is quite difficult to determine what general trend is forming. The on-chain indicators seem rather indecisive at the moment. The token rebounds at the price of $6 and acts as a support zone.
INJUSD trading at $7.513 | Source: INJUSD chart from TradingView
The INJ token has a market cap of nearly $600 million, making it the 73rd largest cryptocurrency. In addition, the coin has a 24-hour trading volume of approximately $75 million, representing a 131.2% increase in the past day.
According to the price prediction site CoinCodex, the general sentiment around INJ is currently bullish. The team expects this token to continue its bullish run and gain another 13.08% over the next five days to trade at $8.59.
Moreover, CoinCodex makes a bold prediction that INJ will reach a market price of $16.72 in the next 30 days, indicating a plausible price of 126.25% from the token’s current price.
Injective protocol continues to make positive waves
The decentralized Injective protocol has been on the rise since early 2023, evolving in innovation and adoption. These developments have been crucial to the positive sentiment surrounding its token (INJ), contributing to price growth and improved activity on the Injective blockchain.
On June 23, inject announced that it had reached the 240 million transaction mark of its network. This is perhaps the most important proof of the growing popularity of the decentralized blockchain.
Another recent development of Injective is the Open liquidity program (OLP), launched on June 13. This program allows Injective users to provide liquidity on the protocol’s on-chain order book infrastructure while earning INJ rewards. Eligible participants can earn 60,000 INJ Tokens within 28 days.
Featured image from Shutterstock, chart from TradingView
