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Injective (INJ) Price Marks New All-Time High as Whales Accumulate

2 mins
Updated by Ryan Boltman
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In Brief

  • Injective price is currently at $48, breaking through the sideways channel it was sandwiched in for weeks.
  • The whale addresses have been focused on accumulating for the past few weeks, with no intention of selling still.
  • Active deposits are presently at a three-month low, suggesting retail investors are also holding off selling their INJ.
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Injective price has been seeing nominal growth since December 2023, but the altcoin did manage to mark a new high this month before correcting.

Despite being stuck in the sideways channel, INJ has managed to chart a new all-time high thanks to the support from this particular group of investors.

Whales Have Injective Covered

One of the most important cohorts for Injective is the whales. These large wallet holders tend to influence the price direction based on their actions on-chain. When these addresses accumulate, prices rise, and when they opt to sell for profits or offset losses, the price goes down.

Such is the case with Injective, as the addresses holding between 100,000 to 1 million INJ have been added to their supply. In the past week, their holdings have grown from 9.34 million INJ to 9.67 million INJ. This acted as a huge boost to the price, which resulted in the rally over the past 24 hours.


Injective Whale Accumulation
Injective Whale Accumulation. Source: Santiment

Furthermore, retail investors have also been indirectly pushing the price up. Unlike whales, they did not accumulate but refrained from selling their INJ.

This is observed in the Active Deposits, which have been averaging at a three-month low.

Injective Active Deposits. Source: Santiment

Low deposits on exchange indicate that investors are not currently looking to sell their assets. This can be due to expectations of further rise, which have been proven true for INJ holders.

INJ Price Prediction: What’s Next After ATH?

Trading at $48, the Injective price has broken out of the resistance and support sandwich it had been stuck in for months. Between $45 and $30, INJ was mostly consolidated, failing to breach the barrier.

However, now that it’s breached, Injective will likely aim to tag $50 as a crucial psychological support level. Flipping the same into support will keep the rally going as FOMO will drive accumulation among retail investors.

INJ/USDT 1-day chart.
INJ/USDT 1-day chart. Source: TradingView

On the other hand, if the altcoin sees a decline as a correction from the recent rally, a fall back to $45 is likely. If INJ also loses this support, it would invalidate the bullish thesis and bring the altcoin back into consolidation.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Aaryamann Shrivastava
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...
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