Injective (INJ) price has surged 14% in the past 24 hours, crossing above the $40 mark. This impressive gain is a result of the recent uptrend in Bitcoin, which reached a high of $46k. INJ is now aiming for a new all-time high above $44, with a trading volume increase of 61% to over $439 million.
The rise in INJ’s price can be attributed to a fresh wave of buying pressure. As the majority of altcoins also saw a surge in trading activity, INJ stood out with its impressive gains. In addition, Bitcoin’s price increase has also contributed to the positive sentiment in the market.
Meanwhile, Bitcoin is currently trading near the $46k mark, a 4% increase in the past 24 hours. The bullish sentiment surrounding Bitcoin has been fueled by the growing sentiment for the approval of Bitcoin ETFs by the US Securities and Exchange Commission (SEC).
The current price surge for INJ is also ahead of a major event – the final token unlock. According to Token Unlocks, Injective’s final token unlock is set to occur on January 21, 2024, with 3.66 million INJ (worth approximately $152 million) being unlocked. This will bring the total circulating supply of INJ to 100 million, with the unlocked coins representing 4.3% of the circulating supply.
As traders anticipate this influx of tokens, they will also be monitoring the market sentiment. Despite the potential downside pressure from the increased supply, the overall bullish outlook for the market could benefit INJ. In fact, some analysts are predicting a short-term target price of $100 for INJ, with a possible retest of the primary support level below $20.
At the moment, INJ is trading around $42.21, which is only a 5% decrease from its all-time high. As the market continues to rally, it is likely that INJ will see further gains in the near future.
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Categories: cryptocurrency, market analysis.
Tags: Injective, INJ, Bitcoin, trading, market sentiment, token unlock.
