Injective (INJ) has been on a remarkable upward trend since December 2023 and recently achieved a new peak in its value.
As of the time of writing, INJ has surged by 15% in the past 24 hours, reaching a trading price of $48.8. The cryptocurrency reached a new all-time high of $52.65 at 01:00 UTC on March 13, boasting a total market cap of $4.92 billion.
This recent milestone marks the second occasion in the last fortnight that INJ has reached unprecedented heights, amidst the ongoing bullish market surge.
According to insights from Santiment, there has been a notable increase in whale transactions involving INJ tokens valued at a minimum of $100,000. This metric surged by 90% in the past day, with the number of unique transactions rising from 56 to 106 per day. Typically, heightened whale activity can lead to increased price volatility.
Furthermore, data from Santiment reveals that the balance of INJ tokens on exchanges has been steadily decreasing since March 9. Over the past 24 hours, investors have transferred more than 134,000 INJ tokens, equivalent to $6.6 million, from centralized exchanges to their personal wallets. This trend indicates a growing preference among investors for long-term holdings over short-term gains.
Additionally, the Relative Strength Index (RSI) of INJ has experienced a 7% uptick in the last day, climbing from 61 to 65. This suggests that Injective may be slightly overbought at present, and an RSI below 60 could signal a positive momentum shift.
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