INJ has outperformed most mainstream altcoins in the past 24 hours. Foreign media reports that after breaking through previous resistance with increased trading volume, market attention has shifted to the $5.30 level. Meanwhile, on-chain derivatives trading, stablecoin liquidity, and buyback/burn data from Injective have also provided background support for this rebound.
After the price breaks through, it is expected to target $5.30.
As of press time, INJ was trading at approximately $5.02, up 5.1% in the last 24 hours. The report noted that the price has broken through a key retracement level that previously suppressed the rebound, and this upward movement was accompanied by increased trading volume, unlike short-term rallies that occur when liquidity is weak.
Over the past day, INJ's intraday trading volume increased by more than 26%, rising to approximately $86.9 million. The market interprets this as evidence of new buying activity, rather than simply price fluctuations driven by low liquidity.
If the price holds above $4.85, $5.30 will be the next major resistance level. A break below this breakout level could see the price retest support around $4.50.
On-chain transaction and data destruction are attracting attention.
As prices strengthened, several data points within the Injective ecosystem also attracted attention. Reports indicate that the network has processed over $34 billion in derivatives trading volume, reflecting continued demand for its decentralized finance infrastructure.
Regarding stablecoins, Injective already supports native USDC, which is seen as helping to improve the efficiency of on-chain liquidity access and making it easier for users and developers to allocate funds within the network.
Another frequently mentioned metric is the community buyback mechanism. Through this program, over 7.1 million INJ tokens have been permanently removed from circulation. The report argues that this arrangement reinforces the token's deflationary expectations. Meanwhile, protocol revenue remains relatively high across multiple Layer 1 networks, indicating that activity is not entirely driven by short-term speculation.
External opinions focus on support levels
Foreign media quoted trader Matthew Dixon as saying that although the broader crypto market may still see new lows this year, INJ remains relatively stronger than other altcoins. He believes that INJ previously formed a significant bottom in the $2.60 to $2.80 range, and then pushed towards the $6.80 to $7.00 area.
The report also noted that the subsequent pullback did not reach new lows and remained above major retracement levels, a structure considered relatively healthy. Dixon's short-term watch levels include $4.57, $4.32, and $4.14, with the RSI around 53, indicating signs of momentum recovery.
Another market observer, FurkanConsensus, reviewed historical trends, noting that INJ has seen significant rebounds in similar ranges, but it doesn't always strengthen immediately after touching those levels. Overall, whether INJ can hold the $4.85 level in the next few trading days will determine whether it continues its upward trend towards $5.30.
