Injective price has been seeing nominal growth since December 2023, but the altcoin did manage to mark a new high this month before correcting.
Despite being stuck in the sideways channel, INJ has managed to chart a new all-time high thanks to the support from this particular group of investors.
Whales Have Injective Covered
One of the most important cohorts for Injective is the whales. These large wallet holders tend to influence the price direction based on their actions on-chain. When these addresses accumulate, prices rise, and when they opt to sell for profits or offset losses, the price goes down.
Such is the case with Injective, as the addresses holding between 100,000 to 1 million INJ have been added to their supply. In the past week, their holdings have grown from 9.34 million INJ to 9.67 million INJ. This acted as a huge boost to the price, which resulted in the rally over the past 24 hours.
Furthermore, retail investors have also been indirectly pushing the price up. Unlike whales, they did not accumulate but refrained from selling their INJ.
Read More: Top 9 Web3 Projects That Are Revolutionizing the Industry
This is observed in the Active Deposits, which have been averaging at a three-month low.
Low deposits on exchange indicate that investors are not currently looking to sell their assets. This can be due to expectations of further rise, which have been proven true for INJ holders.
INJ Price Prediction: What’s Next After ATH?
Trading at $48, the Injective price has broken out of the resistance and support sandwich it had been stuck in for months. Between $45 and $30, INJ was mostly consolidated, failing to breach the barrier.
However, now that it’s breached, Injective will likely aim to tag $50 as a crucial psychological support level. Flipping the same into support will keep the rally going as FOMO will drive accumulation among retail investors.
Read More: 9 Cryptocurrencies Offering the Highest Staking Yields (APY) in 2024
On the other hand, if the altcoin sees a decline as a correction from the recent rally, a fall back to $45 is likely. If INJ also loses this support, it would invalidate the bullish thesis and bring the altcoin back into consolidation.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Be the first to comment