The rise in cryptocurrencies that began last year peaked in March this year, followed by noticeable fluctuations. Especially in March, Injective (INJ) surged above $50 and continues to trade above $22, with investors anticipating further price increases. However, whales might have some say in this.
Current Status of Injective Whales
Injective’s price, contrary to the strong market outlook, continues to consolidate due to mixed feelings among investors. Transactions by whales, even those showing upward movements, do not create a rising trend among them.
Transactions thought to be conducted by whales, i.e., those valued over $100,000, have averaged below $3 million over the past month. Previously, whales were known to conduct daily transactions between $10 million and $12 million. This situation causes individual investors to act with uncertainties.
Despite this outlook, the attitude of INJ investors and their support for the rise can be seen as a positive event, potentially mobilizing whales in the future. The average age of cryptocurrencies has shown a consistent upward trend since mid-June, supporting this situation.
This indicator suggests that investors holding INJ have done so for the longest period. A decline in this indicator could show that investors are moving their cryptocurrencies, potentially causing price movements.
Future of INJ Price
Injective’s price exceeded $22 at the time of writing, interpreted as the old resistance at $21 turning into support. This level could pave the way for potential future increases. On the other hand, this upward outlook could be disrupted by whale sales, leading to horizontal price movement.
The mentioned consolidation period could cause INJ to move between $21 and $28. If the upward movement continues, the $28 level could be surpassed and turned into support. In this scenario, a price movement beyond $30, which hasn’t been seen in the last three months, could occur.
