CandleFocus Injective flips key resistance as open interest hits 3-month high
2024-10-01
Author: Content Editor
The Injective (INJ) token, a Mark Cuban-backed layer-1 network, has experienced a significant rally, reaching its highest level in over two months. This increase in price coincided with a surge in futures open interest, reaching its highest point since June. Additionally, whale activity in Injective has seen a 456% increase, suggesting optimistic sentiment among large investors. The network also recently joined the Tokenized Asset Coalition. Despite this positive momentum, Injective still faces challenges in terms of ecosystem growth compared to other layer-1 networks. However, the token has surpassed key technical indicators and formed a bullish pattern, indicating potential further upside movement in the near term.
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