The Injective token (INJ) rose 12.89% over the past 24 hours, reaching approximately $5.93, its highest level in nearly 10 days. After trading primarily between $5.32 and $5.76 over the previous week, the recent upward breakout has shifted market focus toward levels above $6.
Breaks upward after a week of consolidation
This range formed after the previous sharp decline. Prior to this, INJ retraced from $7.35 down to $4.77, nearly wiping out its entire prior rally. Subsequently, the $5.76 level repeatedly resisted rebounds, becoming the most closely watched short-term level.
In the latest movement, INJ has reclaimed $5.76 and further risen to around $5.95, indicating stronger buying pressure compared to previous rallies.
Trading volume has significantly increased.
AMBCrypto noted that INJ's recent rally has been accompanied by increased trading activity, with volume rising to 342.95K, the highest level since the start of this correction.
This indicates that the market has shown stronger absorption of selling pressure at current levels, rather than just a weak rebound. Meanwhile, the Relative Strength Index (RSI) has risen to 68.98, reaching its highest level since June, reflecting a clear recovery in short-term momentum.
- 24-hour increase: 12.89%
- Latest price: approximately $5.93
- Volume: 342.95K
$6.06 is the next level to watch.
The market is currently observing the $6.00 to $6.06 range. The article suggests that this area previously acted as a point of hesitation during the earlier upward move, and as price approaches this zone, some previously trapped positions may re-emerge as selling pressure.
If the price remains above $5.76 and breaks above $6.06, the rebound momentum is likely to continue, with the next target area at $6.74. Conversely, if the price falls back below $5.76, the market may return to a consolidation phase, with attention shifting back to $5.32 and potentially even the prior low at $4.77.
Overall, INJ has broken out of the previous week’s consolidation range, but whether it can continue rising depends on whether volume remains supportive.