Injective (INJ) briefly surged to a 16-day high of $23.09 following its listing on South Korea's leading crypto exchange, Upbit. Despite a 7% correction, INJ currently trades at $21.28. Bullish sentiment remains strong, showcasing potential for the Layer-1 coin to exceed recent highs.
Upbit's announcement to support INJ trading in KRW and USDT significantly increased trading activity, leading to the price surge. The technical outlook remains positive with INJ's MACD line above both the signal and zero lines, indicating a continuing uptrend and potential buy signals.
INJ's open interest has spiked by 19%, reflecting increased market activity. Rising open interest suggests new capital entering the market, with traders active. This trend aligns with the bullish outlook, pointing towards a strengthening asset momentum.
The $22.01 level acts as a key resistance. If surpassed, INJ could rally 54% to $33.38, last seen in June. Conversely, intensified profit-taking may lead to a drop to $15.79 or potentially $13.50 if support fails.
