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Injective (INJ) surged sharply after Binance US announced staking support, pushing the token into a crucial resistance zone.
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While bears continue to defend this range, strengthening technical indicators suggest a breakout could fuel a rally of up to 30%.
Injective price has emerged as one of the top performers, outperforming the top tokens, including Bitcoin, Ethereum and major altcoins. The price surged by over 11.80%, reaching nearly $6, with trading volume increasing by over 25%. The price surge followed Binance US’s announcement of staking support for Injective, providing investors with additional yield opportunities and strengthening its accessibility to US investors.
This is believed to have fueled the bullish momentum that may push the INJ price by more than 30%, breaking the higher targets.
Injective Holders Are Back in Profit
On-chain data from Glassnode suggests market sentiment has improved significantly over the past several weeks. The Spent Output Profit Ratio (SOPR), which measures whether investors are selling at a profit or loss, has climbed above the neutral level of 1.
An SOPR reading above 1 indicates that holders are increasingly realizing profits. While profit-taking is often viewed as a bearish signal, the current setup tells a different story. The INJ price has continued to advance despite the increase in realized profits, suggesting that fresh demand is successfully absorbing the selling pressure.
This transition from loss to profit realization often occurs during the early and middle stages of a recovery trend, indicating that investor confidence is gradually returning to the market.
Rising Open Interest Signals Strong Trader Conviction
The daily chart shows INJ completing a large, rounded-bottom recovery pattern after spending several months in a prolonged downtrend. More importantly, Open Interest has surged to its highest level in months while the price continues to climb. Rising Open Interest alongside rising prices is generally considered a sign of trend confirmation, as it indicates that new capital is entering the market rather than existing participants simply rotating positions.
Meanwhile, funding rates remain relatively subdued, suggesting that traders have not yet become excessively bullish. This reduces the risk of an immediate long squeeze and indicates that the current rally is not being driven solely by speculative leverage. The combination of rising Open Interest, improving on-chain metrics, and strengthening price action suggests the bulls continue to maintain an advantage despite the presence of significant resistance overhead.
Key Levels to Watch
- Immediate support: $5.15
- Major resistance: $6.20 to $6.30
- Upside target 1: $7.38
- Upside target 2: $8.22
- Extended bullish target: $9.19
- Bearish invalidation: Sustained decline below $5.15
Can Injective (INJ) Reach $10?
The Injective (INJ) price is showing significant bullish momentum, but the $6.20-$6.30 range remains the most critical hurdle in the near term. A decisive breakout above this level could trigger a rapid move toward $7.38 and $8.22, while sustained bullish momentum may eventually pave the way for a retest of the $9.19 resistance.
If buyers successfully reclaim that level, the psychological $10 milestone could become a realistic target in the coming weeks. Until then, traders should watch for confirmation above resistance, as a rejection could delay the path toward double-digit prices.
