- According to crypto analysts, a falling wedge pattern has suggested a 214% upside for INJ.
- On-chain data showed that 67.32% of holders were expecting a breakout.
Injective (INJ) has recently gained attention, with a potential bullish breakout forming on the horizon.
The price of the INJ was $17.77 At the time of going to presshaving increased by 8.08% over the last 24 hours, alongside a rise of 5.04% over the last week.
The market cap stood at $1.73 billion, with a circulating supply of 98 million tokens, indicating increased interest in the asset.
Additionally, crypto analyst Captain Faibik has identified a falling wedge pattern on the 3-day chart, suggesting a breakout could lead to a 214% rally.
The pattern, generally considered a bullish indicator, remained intact and the analyst stressed the importance of patience for investors.
Source: X
INJ reports consolidation
According to AMBCrypto’s review of technical indicators on the daily chart, INJ appeared to be consolidating above the middle Bollinger Band at $17.77.
The narrowing Bollinger Bands suggest lower volatility in recent sessions, which could indicate that the asset is gaining strength for a potential price move.
The MACD indicator also showed a bullish crossover, where the blue MACD line was slightly above the orange signal line.
Although this signaled upward momentum, the MACD histogram remained close to neutral, suggesting that the trend was still developing.
Source: TradingView
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 below the current level of $17.75.
However, 67.32% of addresses were still “out of the money,” having purchased at higher prices, particularly in the $18.61 to $24.85 range.
Source: IntoTheBlock
Despite this, the largest concentration of profitable buyers acquired INJ between $6.98 and $12.12, indicating that a significant number of holders remain bullish.
Only 4.54% of addresses were close to breakeven, reinforcing the idea that the asset could be preparing for a major move.
DeFi activity and market liquidity
DefiLlama Data shows that the total value locked (TVL) in the Injective ecosystem is $37.06 million, with stablecoins accounting for $22.45 million.
Read Injective (INJ) price prediction for 2024-2025
The platform recorded a 24-hour trading volume of $10.75 million, with inflows totaling $133,190 during the same period.
This indicates continued interest in INJ in the DeFi space, which could help fuel the expected breakout.
