Injective’s price reached a new record high of $44 on December 20, 2023, marking a remarkable 3,200% gain for the year. An examination of on-chain data reveals that the biggest investors in the Injective ecosystem started buying more when INJ surpassed its earlier highest value of $22. This article is all about the INJ price prediction. Can INJ price continue higher to $50? Let’s take a look at this INJ price prediction article in more detail.
As of today, the price of Injective (INJ) is $39.49, and it has experienced a 1.57% increase in the last 24 hours. The 24-hour trading volume is $1.81 billion, with a market cap of $3.31 billion. Injective holds a market dominance of 0.20%.
On December 20, 2023, Injective achieved its highest price at $43.34, while its lowest price ever recorded was $0.664050 on October 29, 2020. The recent lowest price after reaching its all-time high was $38.31 (cycle low), and the highest price since the last cycle low was $39.59 (cycle high).
The current sentiment for Injective’s price prediction is bullish, and the Fear & Greed Index indicates a score of 70, suggesting greed in the market.
Injective’s circulating supply is currently 83.76 million INJ out of a maximum supply of 100.00 million INJ. The yearly supply inflation rate is 14.72%, resulting in the creation of 10.75 million INJ in the last year.
In terms of market cap ranking, Injective holds the 5th position in the DeFi Coins sector, 2nd position in the Layer 2 sector, and 1st position in the AI Crypto sector.
Why might the INJ price rise in the next few days?
Injective (INJ) saw another increase in its price on Wednesday, driven by ongoing investor interest in the crypto altcoin markets. Positioned at the crossroads of crypto AI and decentralized finance, INJ has proven to be one of the best-performing digital assets in 2023, boasting an impressive 3,200% price gain.
What’s particularly noteworthy is that key on-chain indicators suggest that corporate entities and high-net-worth investors are adopting a more optimistic stance toward INJ in recent weeks. According to Santiment, a reputable on-chain data tracker, the top 100 wallets holding Injective have intensified their buying activity this week.
As illustrated in the chart above, these top 100 wallets collectively owned 96.73 million INJ as of December 8. However, they have significantly increased their holdings by an additional 460,000 INJ since then, bringing their total balances to 97.06 million INJ as of December 20.
Can INJ Price Continue Higher to $50?
Injective (INJ) has displayed extraordinary performance over the past year, witnessing a staggering increase in its price. This exceptional growth sets it apart, outperforming 100% of the top 100 crypto assets during this period and surpassing the gains of both Bitcoin and Ethereum.
Currently trading above its 200-day simple moving average, INJ maintains a positive trajectory compared to its token sale price, showcasing resilience and consistent upward momentum. With 16 green days in the last 30 days, accounting for 53% of the period, the coin has demonstrated frequent positive market movements.
Despite its impressive liquidity, as evidenced by its substantial market cap, caution is warranted as INJ appears overbought, suggesting a potential correction in the near future.
The collaboration between Injective whales and steadfast retail traders has significantly strengthened the prospects of Injective (INJ) reclaiming the $50 milestone. A promising sign from a technical analysis standpoint is the continuation of the Golden Cross phenomenon for INJ, reinforcing the bullish outlook. The Golden Cross, marked by the short-term moving average (e.g., 7-day) crossing above the long-term moving average (e.g., 30-day), is a favorable indicator for price momentum.
Examining the chart reveals that Injective’s 7-day Simple Moving Average (SMA) Price is currently positioned at $34.746, notably surpassing the 30, 50, 100, and 200-day averages. This alignment suggests a sustained upward trend and strengthens the case for an optimistic price forecast, hinting at the potential for INJ to reach or exceed the $50 mark in the near future. Investors may find confidence in the convergence of bullish market sentiment and positive technical indicators.
The current positive momentum in the market presents an opportunity for bulls to propel the INJ price beyond the $50 threshold. It’s crucial to note that the $44 level may act as a significant psychological resistance zone. However, the potential bullish impact from the buying pressure of the top 100 whales, as witnessed in the past week, could serve as a catalyst for the bulls to overcome this resistance.
In the event of a pullback, investors can find reassurance in the 7-day Simple Moving Average (SMA) price, currently standing at $34, which may serve as substantial support for the bulls. Monitoring the interplay between these key levels and the collective market sentiment will be essential in gauging the likelihood of INJ surpassing the $44 barrier and potentially reaching new highs above $50.
How to Buy INJ ?
For those looking to buy INJ, Bitget is an excellent platform to consider. Known for its low transaction fees and user-friendly interface, Bitget facilitates an easy and efficient process for buying and selling INJ. Given the current positive trend in INJ price and the optimistic outlook of the cryptocurrency market, now might be a strategic time to consider adding INJ to your investment portfolio.