Injective (INJ) price has shown signs of a recovery after dropping below the $35 support level, hitting a monthly low. This price movement is significant in the crypto market, especially with the involvement of crypto whales who are likely to play a crucial role in driving the recovery, given their recent substantial accumulation of INJ tokens.
Currently trading at $34, Injective price has experienced a correction of over 16% in the past week. Despite this correction, the network activity has seen an increase, evidenced by the rise in daily active addresses (DAA). When the price falls while DAA rises, it typically signals a potential buying opportunity. This pattern is relevant for Injective as it has presented a buy signal over the past week.
The activity of crypto whales in accumulating INJ has been notable, with over 740,000 INJ tokens added in a single day, amounting to $24.8 million. This accumulation has brought the supply of crypto whale addresses holding INJ to 10.69 million tokens. Crypto whales have a history of exerting a considerable influence on prices, driving them up during accumulation phases and causing declines during selling periods. Their recent accumulation of INJ could also impact the price movement of the token in the near future.
In terms of price prediction, Injective is approaching the $35 resistance level. If it manages to break through this barrier and turn it into a support level, a recovery could be on the horizon, potentially pushing INJ towards $40. However, failure to break the resistance and bearish cues in the broader market could lead to a decline in INJ’s price, with a possible drop to $30. Further weakness could invalidate the bullish outlook, causing a drop towards $28.
The charts depicting the price and accumulation patterns of Injective provide valuable insights for investors and traders looking to navigate the volatile crypto market. Monitoring the activity of crypto whales and key price levels can help in making informed decisions regarding INJ and other crypto assets.
