Exciting developments are happening in the world of cryptocurrency today. Bitcoin has broken a new record by reaching $73,000, and another record has been set by an altcoin. This time, the record comes from the price of Injective (INJ), which has reached an all-time high as whales continue to accumulate.
Injective (INJ) Price Reaches an Unprecedented Peak
The price of Injective (INJ) has been showing an extraordinary increase since December 2023. This month, the altcoin managed to mark a new peak. Despite being stuck in a sideways channel, INJ reached an all-time high with the support of a special investor group known as whales.
One of the most important supporters for Injective has been the whales. These large wallet owners tend to influence the direction of the price based on their actions on the blockchain. When these addresses accumulate, prices rise; conversely, when they prefer to sell for profit or to compensate for losses, the price falls.
The situation is similar with Injective. Addresses holding between 100,000 and 1 million INJ have seen additions to their supply. Last week, the total amount of INJ held by these addresses increased from $9.34 million to $9.67 million. This situation led to a significant price increase, causing a surge in the last 24 hours.
Furthermore, individual investors are also indirectly pushing the price up. Unlike whales, they did not accumulate but refrained from selling their INJs. Low deposits on exchanges indicate that investors are currently not interested in selling their assets. This could be due to the expectation of further increases, which has proven to be true for INJ holders.
INJ Price Forecast: What’s Next After the All-Time High?
Injective is trading at $49.32 and has broken out from the region between resistance and support where it had been stuck for months. INJ, which usually consolidated between $45 and $30, has now overcome this barrier.
Now that it has broken this resistance, the altcoin Injective will likely target $50 as an important psychological support level. FOMO among individual investors will increase accumulation, turning the same thing into a support level and ensuring the rally continues.
On the other hand, if altcoins experience a correction after the last rally, there is a high probability that INJ will return to $45. If INJ loses this support, the bullish scenario will be invalidated, and the altcoin will return to consolidation.
