INJ, the utility token of Injective, a layer-1 blockchain facilitating cross-chain trading, has seen an 18.77% decline in the past five days. While some may view this as a buying opportunity, on-chain data suggests otherwise. The Market Value to Realized Value (MVRV) ratio is crucial in assessing holder sentiment and profitability. A high MVRV ratio indicates overvaluation and potential selling pressure. Injective's 30-day MVRV ratio is at 15.35%, higher than in July, hinting at reduced unrealized losses for holders. However, if holders lose confidence and sell, INJ's price could face further downward pressure. The Exchange On-Chain Market Depth also indicates a potential price decrease. INJ's price is currently 54.25% below its all-time high, with technical analysis suggesting a bearish trend. A drop in the Relative Strength Index (RSI) could lead to a price decline, unless Bitcoin's price rebounds. INJ's price may retest $27.49 if BTC reaches $66,000. Read more AI-generated news on: https://app.chaingpt.org/news