Injective Poised For Breakout? Unlock Event Sparks $60 INJ Price Surge Forecasts
January 08 2024 - 5:50AM
NEWSBTC
Injective (INJ), the native token of the decentralized exchange
protocol Injective Protocol, stands poised for a pivotal moment. On
January 21st, a final tranche of 3.66 million INJ tokens will be
unlocked, bringing the total circulating supply to a definitive 100
million. Injective Token Unlock: Market Dynamics Shift This marks
the culmination of a phased release schedule outlined in
Injective’s token distribution plan, and will see the remaining 16%
of token supply flood the market. Analysts remain divided on the
potential impact of this event. Some anticipate increased selling
pressure due to the sudden influx of tokens, potentially leading to
a price dip. Others view the unlock as a positive catalyst for
liquidity, making INJ easier to trade and potentially attracting
new investors. 🚨 Final Cliff Unlocks Alert 🚨 Mark your calendars
for January 21, 2024$INJ will be fully unlocked (100%) Get ready
for the massive cliff unlocks. 🪙 3.66 m tokens 💰 132.4 m dollars 🌀
4.35% of cir. supply Allocations: – Advisors: $12.04 m – Team:
$120.37 m$INJ was… pic.twitter.com/EYCyv4hsuC — Token Unlocks
(@Token_Unlocks) January 7, 2024 Related Reading: Akash Who?
Lesser-Known Altcoin Rules Weekend’s Top 100 List With 40% Rally
INJ market cap currently at $3.19 billion. Chart: TradingView.com
Regardless of the short-term price action, the full token unlock
undeniably represents a turning point for Injective, marking the
complete transition from initial distribution to sustained market
dynamics. It will be fascinating to observe how the community and
market respond to this milestone event, and whether it paves the
way for further growth and adoption of the Injective Protocol. $INJ
Bullish Flag Formation..!! Seems lie Ready for Another Bullish
Rally.#Crypto #InjectiveNetwork #INJ pic.twitter.com/OcPsNJ7laX —
Captain Faibik (@CryptoFaibik) January 6, 2024 Some market
participants, such as analyst Captain Faibik, believe that
Injective may be ready for another rally in anticipation of the
impending event. According to Faibik, INJ has established a bullish
flag and might see a rise beyond $60. Faibik examines the chart and
finds two rallies that are joined by a brief period of
consolidation. These might potentially lead to a continuing upswing
with higher highs and lowers. However, given that the market
crashed on January 3 and that INJ price originally dropped to
$33.55, selling pressure could be imminent. The 4-hour chart shows
rising volatility, and the Bollinger Bands point to overbought
circumstances following INJ’s prior surge to $40.28. INJ Price
Analysis Source: TradingView The price of INJ has been trending
downwards over the past 24 hours. It is currently trading at
$37.412, down from a high of $37.875 earlier in the day. The
Bollinger Bands (BB) are also trending downwards. This suggests
that volatility is decreasing, as the price is staying closer to
the moving average. The Chaikin Money Flow (CMF) is negative. This
indicates that bears are currently in control of the market. The
volume is relatively low. This suggests that the recent price
decline is not due to a large amount of selling pressure. Overall,
the chart suggests that INJ is in a bearish trend. However, the low
volume suggests that this trend may not be sustained. It is
important to note that this is just a snapshot of the market and
that conditions can change quickly. Source: Santiment The ongoing
unlocking of the token holds the promise of bolstering INJ’s social
metrics, indirectly contributing to a positive influence on its
price. This is particularly crucial as increased community
engagement often aligns with higher social metrics, reinforcing the
token’s popularity. The sustained high Social Dominance of INJ
signifies robust community support, a vital factor in navigating
the unpredictable cryptocurrency market. Related Reading: Cardano
Surges Nearly 250% In Development Activity, Whale Buying Appetite –
Details Simultaneously, the improvement in INJ’s Weighted Sentiment
indicates a prevailing bullish sentiment within the market. This
positive outlook among investors sets the stage for heightened
trading activity, potentially triggering an uptrend in the token’s
valuation. Both Social Dominance and Weighted Sentiment serve as
valuable indicators, providing insights into the token’s current
state and the prevailing market sentiment. Featured image from
Shutterstock
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