As the market buckles under the weight of bearish sentiment, the altcoin market is continually being dragged down, forcing losses on altcoin holders. Injective is one such altcoin facing massive losses with the token price down 20% since last week, representing a strong bearish sentiment in the INJ market.
Despite the market underperformance, the platform continues to cement itself as a top-tier Layer 1. While the losses for investors and traders are painful, continued developments like these will stabilize the shaky investor confidence in both Injective and the token.
Network metrics show steady growth
October started off wonderfully for Injective, as the platform announced that the network had processed an impressive total of 1 billion transactions. This metric shows that the network can cater to a growing number of users, which has also grown in tandem with transactions.
1 BILLION TOTAL TRANSACTIONS IN INJECTABLES
Injective Hub, an X account dedicated to showcasing the latest developments on the platform, recently shared that Injective has experienced a massive growth spurt in active addresses. According to the post, the platform saw an astonishing 126% average active address growth, ranking Injective first in the metric, surpassing the likes of Sei, Ethereum, Base, and Solana.
This month, investors and traders can expect to see more users in the coming weeks as Injective enters into a partnership with Caldera, an Ethereum roll-up platform, becoming part of Metalayer. This interoperability layer enables omnichain operability for users of the platform. This will enable a new generation of interoperability for participating blockchains and Injective, introducing the platform to new users on Metalayer.
Injective prepared for higher levels
At the time of writing, INJ is trading in a green candle as bulls attempt to break the $19.94 resistance level in the near term, which could be the signal investors and traders are waiting for in the coming days.
The relative strength index also suggests this thesis. Right now, the token is entering a possible reversal area that will affect the growing bullish momentum. The last few days have been bloody for INJ, but the market strength coupled with strong on-chain developments will affect the tokenâs price positively in the coming weeks.
INJâs significant correlation with Bitcoin and the broader market will also play a large role in the tokenâs future performance. If the major cryptocurrencies continue to decline in the coming days, investors and traders should expect INJ to experience a drop towards $17.71. However, a return to the upside in the coming days will see the token stabilize at its current support at the $18.57 level.
