Injective (INJ) Hits New ATH At $44 – Is $50 Next This Christmas?

Christian Encila

1 year ago

3 mins read

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The Artificial Intelligence (AI) financial blockchain, Injective (INJ), had its price reach an unprecedented $44 on December 20, capping a year of gains of an astounding 3,200%. The Injective ecosystem’s biggest investors started to increase their holdings after INJ passed its previous all-time high of $22, according to on-chain data.

In 2023, INJ started a parabolic climb. The token hit a new all-time high at the end of this sharp rise before somewhat declining. Although there are some indications of temporary weakening, the general outlook is still very optimistic about continued price growth.

INJ Flexes Its Muscles

Over the last month, INJ increased by an impressive 150%. Despite big wallet addresses profiting from it, it kept rising. The token’s price gains are supported by on-chain measures.

As of this writing, INJ weakened a bit, and was trading at $38.60, still up roughly 28% in just the previous seven days despite the retreat. Although some analysts had earlier forecast that INJ prices will probably soar over $40 before the year is up, that is still up in the air given a number of macroeconomic considerations.

INJ market cap currently at $3.3 billion. Chart: TradingView.com

On Wednesday, injective saw yet another surge as investors kept pouring money into the altcoin and cryptocurrency markets. Situated squarely at the crossroads of decentralized finance and AI, its governance token has emerged as one of the most successful digital assets of 2023.

Market watchers have identified a number of major factors driving this incredible rally, including the acceleration from leverage-seeking short-term traders, centralized exchanges’ incentives for creating volatility, and a spike in trading volumes for INJ perpetual futures contracts that exceeded $25 billion in a single day.

More Whales Are Gobbling Up INJ

Between December 4 and December 19, whale trades for $100,000 and more increased, contributing to the boom. The Network Realized Profit/Loss measure shows that this is in line with taking profits. The Santiment chart above shows that INJ holders made money on their token sales in December.

Meanwhile, INJ has shown a fantastic price rise that has exceeded a remarkable 500% growth in value since middle of October. A closer study using technical analysis indicates a bullish prognosis, suggesting that there are currently clear skies ahead for the token’s ascent, especially above $44.

Analysts and investors believe that INJ will likely hit and even surpass the $40–$50 price range in the near future, which highlights the cryptocurrency’s good performance and the market’s favorable attitude toward it.

Source: Santiment

In a related development, current on-chain data shows a bullish movement among high net worth investors and business organizations in INJ. Santiment notes a substantial increase in purchasing activity among the top 100 Injective wallets this week.

As of December 8, these wallets had 96.63 million units of the token, as seen in the chart above. But as of December 20, they had quickly added 460,000 INJ to their holdings, bringing their total value to 97.06 million INJ.

Featured image from PIxaybay

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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