Injective (INJ) has been positive in 2023, racking up a nearly 500% price increase since the turn of the year. This significant rise ranks the cryptocurrency as one of the year’s best-performing assets.
Over the past week, the INJ token has been on an upward trend, adding more than 26% to its value.
Injective Price Records Daily 8% Gain – Price Action
INJ, the native token of the Injective ecosystem, has maintained its recent bullish momentum, registering an 8.3% increase in the last 24 hours. As of this writing, the token is valued at $7.53, according to data from CoinGecko.
However, a broader look at the market reveals that the Injective price has been range-bound for the past few weeks. Since reaching a yearly peak of $9.32, the INJ price has moved mostly sideways, albeit 19.2% from its 2023 high.
With the choppy market condition, it is quite difficult to determine which overall trend is forming. The on-chain indicators seem quite indecisive at the moment. The token rebounds at the $6 price point, acting as a support zone.
INJUSD trading at $7.513 | Source: INJUSD chart from TradingView
The INJ token boasts a market capitalization of nearly $600 million, ranking it the 73rd biggest cryptocurrency. Additionally, the coin has a 24-hour trading volume of roughly $75 million, representing an increase of 131.2% in the past day.
According to the price prediction site CoinCodex, the general sentiment surrounding INJ is currently bullish. The team expects this token to maintain its bullish run and gain a further 13.08% in the next five days to trade at $8.59.
In addition, CoinCodex makes a bold prediction of INJ reaching a market price of $16.72 in the next 30 days, indicating a plausible 126.25% price on the token’s current price.
Injective Protocol Continues To Make Positive Waves
The decentralized Injective protocol has been on an ascent since the start of 2023, evolving in innovation and adoption. These developments have been crucial to the positive sentiment surrounding its token (INJ), contributing to its price growth and the enhanced activity on the Injective blockchain.
On June 23, Injective announced that it had reached its network’s 240 million transaction mark. This is perhaps the most significant evidence of the decentralized blockchain’s growing popularity.
Another of Injective’s recent developments is the Open Liquidity Program (OLP), which launched on the 13th of June. This program allows Injective users to provide liquidity on the protocol’s on-chain orderbook infrastructure while earning INJ rewards. Eligible participants can earn 60,000 INJ tokens within 28 days.
Featured image from Shutterstock, chart from TradingView