Injective (INJ) is experiencing a significant market sell-off, resulting in a 20% price drop amid a broader bearish market sentiment affecting altcoins. Despite the downturn, Injective shows promise as it maintains its status as a leading Layer 1 platform.
October was positive for Injective, achieving 1 billion total transactions, demonstrating network stability and capacity. Active address growth soared, placing Injective ahead of other notable blockchains, including Ethereum and Solana.
The upcoming collaboration with Caldera enhances interoperability, potentially increasing platform usage and introducing new users through Metalayer.
INJ attempts to break the $19.94 resistance, signaling potential recoveries. Strong on-chain development and market movements may drive positive price changes despite recent struggles. Its correlation with major cryptocurrencies like Bitcoin remains a crucial factor in its price trajectory.
