Injective (INJ) Bounces Back: Investor Momentum Sparks 12% Rally
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Injective's native token, INJ, experienced a notable rally, gaining over 12% in the past 24 hours. This boost is attributed to investor momentum and market recovery, resulting in a 6% rise in market cap.
Additionally, institutional wallet Utila announced its support for the Injective ecosystem, citing its robust and rapid deployment infrastructure for decentralized trading, lending, and real-world assets, among other functionalities. This partnership is expected to grow Injective’s user base and attract institutional-level attention.
INJ is currently trading at a trendline that mirrors its late-November 2023 levels, which preceded a major rally. While facing resistance around $18.02, the token's bullish momentum may slow temporarily. Analysts caution that this rally might be a short squeeze, potentially leading to future price declines for INJ and other major cryptocurrencies, despite the current bullishness in traditional finance markets.
Source: www.newsbtc.com ↗
