The Injective (INJ) token has seen incredible growth in the past week and a half, reaching an all-time high of $27 on December 12. This marks a rise of over 60% since the price broke above $20, and an increase of 1,570% since its December 2022 low. What is driving this surge in the Injective price?
Recent news and positive sentiment in the ecosystem have both played a role. The Injective team has burned over $65,000 worth of INJ tokens, reducing the amount in circulation. Furthermore, over $1 billion of INJ tokens have been staked, according to on-chain data.
In addition, the upcoming Volan upgrade has been cited as a major catalyst for the INJ price. When this mainnet upgrade was announced on November 30, the INJ price began to skyrocket. Network activity around Injective-based decentralized exchange (DEX) Helix has also contributed to the token’s success.
At the time of writing, the INJ price has pared some of its intraday gains and is trading around $26. If the rally continues, buyers may consider prices beyond $30, whereas a bearish flip could result in a potential slip to support in the $20-$18 range.
