Injective (INJ) has been on a remarkable upward trajectory since December 2023 and recently reached a new peak in its price performance.
As of the time of writing, INJ is trading at $48.8, marking a 15% increase in the last 24 hours. The asset hit an all-time high of $52.65 at 01:00 UTC on March 13, with a total market cap of $4.92 billion.
This recent milestone marks the second time in the past two weeks that INJ has achieved record-breaking highs, riding the wave of a bullish market trend.
According to data from Santiment, whale transactions involving at least $100,000 worth of INJ tokens surged by 90% in the past day, jumping from 56 to 106 unique transactions per day. This spike in whale activity typically leads to higher price volatility.
Additionally, Santiment’s data reveals that Injective’s exchange flow balance has been steadily decreasing since March 9. In the last 24 hours, investors transferred over 134,000 INJ tokens, equivalent to $6.6 million, from exchanges to their personal wallets. This accumulation indicates a shift towards long-term investment strategies over short-term gains.
Meanwhile, INJ’s Relative Strength Index (RSI) saw a 7% increase in the past day, climbing from 61 to 65. This suggests that Injective may be slightly overbought at the moment, and an RSI below 60 could signal a bullish momentum.
In other news, Binance founder Changpeng Zhao has been instructed to surrender his Canadian passport. For more updates, stay tuned to our Google News channel.