Injective (INJ) is nearing an important breakout moment while remaining below key resistance. Growing activity in the ecosystem and strong technical indicators are raising interest in the asset.
Key Resistance Level at $17
Injective (INJ) is making waves in the crypto market as it approaches a crucial technical breakout. According to a chart shared by CryptoPatel, the price structure on the INJ/USDT chart forms a clean Elliott Wave setup. After peaking at $25 in 2021, INJ plunged 95.59%, reaching lows around $2 in 2022. A subsequent rally pushed the price to $50 in early 2024 — a massive 4,073% rise that completed wave 1. However, this rally was followed by a steep 87.92% correction, forming wave 2. The price bottomed again in the $6.50–$10 accumulation zone, an area which previously acted as strong support during multiple corrections.
Growth of the Injective Ecosystem
As price action builds momentum, Injective’s ecosystem continues to expand. According to the project, it hosted over 203 million transactions last week, up 59% week-on-week. Real-world asset (RWA) trading volume crossed $107 million, showing a 1,400% surge since January. Recent developments include the first Nvidia GPU derivative market going live on-chain and the launch of the Injective Builder Catalyst by OVioHQ. Furthermore, Join Republic integrated its wallet and launchpad into Injective’s ecosystem. Developer traction is growing, highlighted by a major hackathon in China that showcased the chain’s scalability.
Market and Macroeconomic Conditions
Macroeconomic signals also favor the crypto upside. The Federal Reserve Chair hinted at a potential rate cut, attracting both retail and institutional investors to OnChain activity. Volatility peaked on the weekly market cap chart on August 23 with a sharp spike above $1.45B. However, the rally faded, and INJ’s market cap slipped to $1.28B by August 26. Despite short-term weakness, accumulation remains visible at lower levels.
Injective (INJ) is preparing for an important breakout moment amid growing ecosystem activity and favorable market sentiment. Investors and analysts will be closely watching the resistance level at $17, as a confirmed breakout could propel the price higher.
