Injection (INJ) was positive in 2023, driving prices up nearly 500% year-to-date. This significant rally ranks the cryptocurrency as one of the best-performing assets of the year.
Over the past week, the INJ token has been on an upward trend, adding more than 26% to its value.
Injection price records 8% profit daily – price action
INJ, the native token of the injection ecosystem, maintained its recent bullish momentum, recording an 8.3% increase in the past 24 hours. As of this writing, the token is worth $7.53, according to Data from CoinGecko.
However, a broader look at the market reveals that the injection price has been range bound over the past few weeks. Since reaching a yearly peak of $9.32, INJ price has moved sideways, albeit by 19.2% from its 2023 high.
With the volatile market condition, it is difficult to identify the general trend that is forming. Series indications seem completely inconclusive at the moment. The coin is bouncing back at the $6 price point, where it is acting as a support area.
INJUSD trading at $7.513 | Source: INJUSD chart from TradingView
The INJ token boasts a market capitalization of nearly $600 million, making it the 73rd largest cryptocurrency. In addition, the 24-hour trading volume of the coin is nearly $75 million, which is an increase of 131.2% over the past day.
According to the price forecast website CoinCodexThe general sentiment surrounding INJ is bullish at the moment. The team expects this token to maintain its upward trajectory and gain another 13.08% in the next five days to trade at $8.59.
Additionally, CoinCodex makes a bold prediction that INJ will reach a market price of $16.72 in the next 30 days, which indicates a reasonable price of 126.25% over the current price of the token.
The injection protocol continues to make positive waves
The decentralized injection protocol has been on the rise since the beginning of 2023, evolving in innovation and adoption. These developments were crucial to the positive sentiment surrounding the token (INJ), contributing to its price growth and boosting activity on the Injective blockchain.
On June 23, an injection announce It has reached its network mark of 240 million transactions. This is perhaps the most significant evidence of the growing popularity of the decentralized blockchain.
Another recent development of Injective is Open Liquidity Program (OLP), which launched on June 13. This program allows Injective users to provide liquidity in the protocol’s on-chain order book infrastructure while earning INJ rewards. Eligible participants can earn 60,000 INJ tokens within 28 days.
Featured image from Shutterstock, chart from TradingView