The price of Injective (INJ) has experienced a 4.55% increase in the last 24 hours following its integration with the Telegram-based project Toncoin (TON). The price, currently trading at $18.90, is expected to test $20 or higher due to positive market response and strong support levels.
According to IntoTheBlock's In/Out of Money Around Price (IOMAP) indicator, a significant number of addresses are in profit at the current price range, indicating robust support between $18.41 and $18.96. This suggests that INJ’s price is likely to break past the $19.30 resistance level.
On-chain data shows that about 901,000 INJ tokens have been withdrawn from exchanges, indicating holders’ reluctance to sell. This trend further supports the possibility of sustained upward momentum.
The daily chart reveals a falling wedge pattern for INJ, a bullish indicator that appears when a downtrend loses momentum. Increased buying pressure, reflected in the Money Flow Index (MFI), also supports a potential price rise.
If these trends continue, INJ’s price could reach $20.22 and possibly test the $21.67 resistance level. However, if buying momentum fades, a drop to $17.57 could occur.
