This weekend is as usually not so interesting for crypto traders. During the summer, people usually relaxed during their off days. However, there are always some altcoins pumping and despite SEI, INJ is also doing well with 8% today. The INJ price is now around $19.3.
It’s worth noting that Injective reached its all-time high of $48 back in March. Since then, it’s been in a retracement phase, currently sitting about 60% below that peak.
Injective (INJ) Price Predictions
Several popular crypto analysts have shared their thoughts on where is Injective headed next. Let’s dive into some of their INJ price predictions.
“Crypto General,” a Twitter influencer with over 200,000 followers, has his eyes set on a bullish target. He suggests that INJ has bounced off a major support zone and is poised for a breakout. If it retests and breaks above the trendline, he believes we could see a new all-time high.
His short to mid-term target? A cool $65. Based on his chart, this move could play out in late October or early November.
Another analyst, “Deftsuo,” while less known, offers an intriguing perspective on INJ’s potential. He draws parallels between INJ and SOL, expressing high conviction in INJ’s future performance. Deftsuo highlights INJ’s tokenomics as a key strength, suggesting that as the bull cycle ramps up, INJ could become truly deflationary.
With a hard cap of 100 million tokens and no further VC unlocks on the horizon, he sees potential for INJ to rival the market caps of established players like ADA and AVAX. His ambitious prediction ranges from $100 to $200 per token by the end of the cycle.
Lastly, “More Crypto Online,” a respected technical analyst in the crypto space, offers a more cautious short-term outlook.
He notes that while INJ has reached the 50% retracement level, it’s struggling to break above resistance. He suggests we might see one more low, potentially around $11.62, before a significant move upwards. However, he emphasizes that the main support level to watch is $7.59.
All in all, we’ve seen both optimistic and more cautious price predictions for INJ, it’s important to keep the current market context in mind. The bottom line is that INJ first needs to overcome the psychological barrier at the $20 mark and successfully flip it into a support level before we can realistically expect any major rallies. Despite today’s encouraging pump, INJ is still trading below this crucial area. If it fails to break and hold above $20, we could potentially see further corrections in the short term.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
