Injective (INJ) could return to the $20 mark amid integration with TON
The price of Injective (INJ) has risen 4.55% in the last 24 hours following its integration with The Open Network.
The price increase indicates a positive market reaction to this expansion, and analysis of blockchain data shows that INJ could maintain its upward momentum.
Injective prepares to overcome sales wall
BeInCrypto previously announced an integration that will allow users to transfer INJ tokens to and from the TON blockchain. Prior to the announcement, INJ was trading at $17.97.
After the announcement, the altcoin's exchange rate jumped to $18.90 and could rise to $20 or higher. According to analyst platform IntoTheBlock, the In/Out of Money Around Price (IOMAP) indicator supports this possibility.
IOMAP compares the current token price to the average purchase price to determine if addresses are in profit, loss, or at breakeven. This categorization helps identify areas of strong support or resistance.
As shown in the screenshot above, 360 addresses bought more than 71,000 INJ at a price of around $19.30 and are now at a loss. 444 addresses have accumulated 233,450 tokens at a price of around $18.67 and are in profit.
This indicates strong support between $18.41 and $18.96. This means that INJ is likely to cross the $19.30 mark in the short term.
Another indicator that supports this prediction is the supply of INJ on the exchanges. When it increases, holders tend to get ready to sell.
However, approximately 901,000 tokens have been withdrawn from exchanges in recent days. This indicates that investors prefer to hold on to INJ in hopes of a price increase.
INJ price forecast: altcoin may avoid correction
INJ has formed a falling wedge on the daily chart. This bullish pattern appears when the downtrend loses momentum and buyers use attrition to accumulate more tokens.
BeInCrypto has noticed signs of increasing buying pressure on the Money Flow Index (MFI). When selling pressure increases, the indicator decreases, and a rising MFI indicates active buying. Currently, the indicator is rising, signaling interest in Injective.
If the trend continues, the price of INJ may reach $20.22 or even rise to the resistance level of $21.67. However, the cooling of buyers' interest will cause the altcoin's rate to drop to $17.57.
