- INJ hovers near $7.00, retesting a critical support zone from early 2023.
- Price faces strong resistance near $21, the midpoint of the downtrend channel.
- Trading volume surged 137%, signaling renewed interest at historical lows.
Injective (INJ) is currently trading near the lower boundary of its multi-month descending channel after reaching an all-time high above $50 in early 2024. The price has consistently trended downward, now testing a historical support zone previously tied to bullish expansion phases.
Technical Structure Maintains Downtrend Across Weekly Timeframe
The current pattern places INJ at a pivotal level, hovering just above $7.00. Historical movement in this range has triggered significant market responses. Traders are closely watching this level for potential structural shifts or continuation signals.
Source: Bitcoinsensus
As we can see from the analysis posted on X by Bitcoinsensus shows INJ has been forming lower highs and lower lows since its 2024 peak near $53. He pointed out a critical shift in market behavior after INJ dropped below the $21 level, breaking mid-channel support. His findings revealed that this decline aligned with increased bearish momentum and tighter resistance at every lower rebound.
Tracking market behavior, the price has continued moving within the descending channel, with recent touches of the lower trendline. Each touch historically led to temporary rebounds, though none reclaimed the mid-point resistance. Bitcoinsensus highlighted that $21 now acts as a magnet level where price may revisit before facing upper boundary resistance again.
Observing INJ’s weekly candles, the price recently rebounded slightly from the channel bottom, aligning with previous cyclical reactions. Orange markers along the chart show key turning points, reinforcing the channel’s structure. Current price action at $7.02 aligns with the Value Area Low, confirming tests of foundational support.
INJ Price, Market Cap, and Volume Movement
According to CoinMarketCap, INJ is trading at $7.24 with a market capitalization of $724.25 million. Price activity increased 593.24% from all-time lows, reflecting long-term appreciation despite current downtrends. Circulating supply sits at 99.97 million tokens, nearly matching the full issuance cap.
Analyzing liquidity shifts, INJ’s 24-hour trading volume reached $155.09 million, up 137.12% in activity. The volume-to-market cap ratio at 21.52% signals a strong liquidity presence relative to capitalization. Fully diluted valuation stands at $724.46 million, showing minimal divergence from the current market cap.
Tracking sentiment metrics, INJ maintains 100.54K holders and an 86% bullish rating from 33.8K voters. CoinMarketCap’s profile score ranks at 70%, citing strength in liquidity and transparency. The platform confirms INJ’s ERC-20 compliance and displays verified explorer and audit links.
