INJ Primed For Growth, Can It Exhibit 100% Gains Ahead?

• 1 Injective is collaborating with various industry experts.
• 2 The entire INJ supply is in circulation.

This week, Injective highlighted on X that Synesis One is expanding to their ecosystem, which is one of the largest decentralized AI training networks.

Proper Supply Distribution Enhanced Growth and Community Engagement!

According to a tweet from @Injective’s official handle, INJ’s latest paper provides in-depth genesis distribution and the vesting schedule. In 2020, 100 Million INJ tokens were allocated across various categories to ensure balanced growth and community engagement.

However, by 2024, the entire supply of INJ was in circulation, marking a significant milestone for Injective.

Development Activity on the Rise!

According to @Mirza.inj, the business personality of Injective, recently tweeted that to assess any blockchain adoption, the best way would arguably be to check their development activity.

The business personnel of Injective further stated that in the forthcoming months, they would introduce new developer toolkits, on-ramps, and environments to make Injective the easiest place to build in the entire industry.

According to Hokage’s tweet, INJ daily transactions over the past year have grown significantly from under 1 Million.

Now, daily transactions are nearly 3 Million, which is a 300% network growth in the Injective ecosystem.

What Does Injective (INJ) Price Structure Show?

The Injective Protocol, after testing the $45 resistance multiple times, surpassed and reached $52.50 by mid-March 2024, from the major demand zone at $7.5, which generated 650% gains.

The price deteriorated and established a lower low by mid-April, and retested the $20 support level.

Moreover, this week, the price jumped 11.23% from the $20 critical support. Despite the 50% drop from the peak, INJ ranked 42nd on CoinMarketCap. It has a considerable trading volume of over $100 Million.

At press time, INJ was trading at $23.05 with an intraday loss of 0.65%. The market is primed for a rise in the coming sessions from the critical support. The near-time targets would be around $31, and $34, respectively.

However, failing to sustain above $20 could open the back door, and the pressure from bears could lead to lower supports at $15 and $12, respectively. The indicators are bullish, as MACD formed a bullish cross, and RSI was at 46.88.

Summary

Injective blockchain collaborates with industry experts and adds Synesis One to the ecosystem. 

Development activity is increasing, and the community manager notes significant growth in daily transactions. The injective ecosystem experiences a 300% network growth with nearly 3 million daily transactions. 

INJ surpassed the $45 resistance mark to reach $52.50 in mid-March 2024, generating 650% gains. At press time, the token price was $23.05, with indicators suggesting a potential rise to $31 and $34.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.