👉👉👉 Crypto #Whales Buy $24.8 Million in Injective ($INJ ): Price Impact
Injective (INJ) price is currently undergoing a recovery phase following its dip below the $35 support level, which marked a monthly low.
The resurgence in price is anticipated to be driven by crypto whales, who have recently engaged in significant accumulation of INJ tokens.
Crypto Whales Driving Recovery
- At the moment, Injective price is hovering around $34, showing a correction of over 16% in the past week. Interestingly, despite this correction, there has been a notable increase in network activity, particularly evidenced by the rise in daily active addresses (DAA).
When the price experiences a decline while DAA rises, it often signals a buying opportunity in the market. This pattern is observable in the case of Injective, as it has exhibited a buy signal over the past week.
This signal appears to have been recognized by crypto whales, who capitalized on the price dip by acquiring over 740,000 INJ tokens within a single day. This accumulation, valued at $24.8 million, contributed to increasing the supply of INJ held by whale addresses to 10.69 million INJ.
It is important to acknowledge the significant influence that crypto whales wield over prices. Their accumulation phases typically coincide with price uptrends, while periods of selling tend to lead to price declines. Given the recent accumulation trend, it is reasonable to expect a positive impact on INJ's price.
Injective Price Forecast
- As INJ price approaches the $35 resistance level, a breakthrough above this barrier and its subsequent conversion into support could fuel further recovery, potentially propelling INJ towards $40.
Conversely, if the resistance fails to be breached and broader market signals turn bearish, INJ may experience a decline towards $30. Should this support level be breached, it would invalidate the bullish outlook, potentially leading to a further drop towards $28.
Source - beincrypto.com