- A falling wedge pattern hinted at a 214% rally for INJ, according to crypto analysts.
- On-chain data showed that 67.32% holders were awaiting a breakout.
Injective [INJ] has recently gained attention, with a potential bullish breakout forming on the horizon.
The price of INJ was $17.77 at press time, having increased by 8.08% in the past 24 hours, alongside a 5.04% rise over the past week.
The market capitalization stood at $1.73 billion, with a circulating supply of 98 million tokens, indicating increased interest in the asset.
Also, crypto analyst Captain Faibik has identified a falling wedge pattern on the 3-day chart, suggesting that a breakout could lead to a 214% rally.
The pattern, which is generally seen as a bullish indicator, remained intact, and the analyst emphasized the importance of patience for investors.
Source: X
INJ signals consolidation
Per AMBCrypto’s examination of the technical indicators on the daily chart, INJ appeared to be consolidating above the middle Bollinger Band at $17.77.
The narrowing Bollinger Bands suggested lower volatility in recent sessions, which could indicate that the asset was gathering strength for a potential price movement.
The MACD indicator also showed a bullish crossover, where the blue MACD line was slightly above the orange signal line.
Although this signaled an upward momentum, the MACD histogram remained close to neutral, suggesting that the trend was still developing.
Source: TradingView
The on-chain data revealed a mixed outlook for INJ holders. At press time, 28.14% of addresses were “In the Money,” meaning they purchased INJ at prices lower than the ongoing $17.75 level.
However, a significant 67.32% of addresses were still “Out of the Money,” having bought at higher prices, particularly in the range of $18.61 to $24.85.
Source: IntoTheBlock
Despite this, the largest concentration of profitable buyers acquired INJ between $6.98 and $12.12, indicating that a substantial number of holders remained optimistic.
Only 4.54% of addresses were near breakeven, further supporting the idea that the asset may be preparing for a major move.
DeFi activity and market liquidity
Data from DefiLlama shows that the Total Value Locked (TVL) in Injective’s ecosystem is $37.06 million, with stablecoins accounting for $22.45 million.
Read Injective’s [INJ] Price Prediction 2024–2025
The platform saw a 24-hour trading volume of $10.75 million, with inflows totaling $133,190 in the same period.
This indicated consistent interest in INJ within the DeFi space, which could help fuel the anticipated breakout.
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