Today's impressive climb in the price of Injective (INJ) has resulted in a new all-time high of $32.20. Let's take a detailed look at how INJ's upward movement will continue and what factors are influencing its prospects.

The INJ price has been showing steady growth since the beginning of 2023, overcoming two significant resistance levels - diagonal and horizontal. In October, this altcoin successfully broke the horizontal resistance and today it set a new all-time high at $32.20. This impressive growth means that Injective's price has risen by 2360% in a year.

The weekly Relative Strength Index (RSI) is now in overbought territory, but no negative signals have been detected yet. Analysts remain optimistic about Injective, noting an increase in the inventory of the three largest INJ holders by 7 million coins over the past three months, representing about 85% of the total supply equivalent to $2.18 billion.

Crypto traders such as @PaoloG and @CryptoJelle, who express confidence that Injective will be among the top 10 cryptocurrencies by market capitalisation, anticipate an increase in volatility, which could lead to sharp movements in the price.

According to wave analysis, INJ's price is in the final fifth wave of an upward movement that began in June. The potential target for the completion of this movement is set at $40, calculated using the ratio of the fifth wave length to the length of the first and third waves in the ratio of 0.618.

It is important to note that a price close below the $20 support level could signal the end of the uptrend, which in turn could trigger a 70% decline to the nearest support level at $9.80. The further course of the fifth wave will be determined by the reaction of Injective at the $40 level.