Injective (INJ) is a cryptocurrency token whose price recently exhibited exceptional resilience in the face of a turbulent crypto market. While other tokens have surrendered their past week's gains and have sunk into the red zone due to an expected increase in inflation, INJ has displayed remarkable fortitude with it holding more than 23% on the weekly chart. Further to its 7.85% 24-hour price increase, it has skyrocketed to the tune of 74% in the last month.

The impressive growth is due to the development of its ecosystem, particularly the migration of Pyth Network to the Injective mainnet, a FIRST for IBC-enabled L1 protocols. This development, as well as the $5,000 hackathon prize for developers, led to a significant swell in investor sentiments.

In its short lifespan, INJ has returned spectacularly since its public offering in 2020. Its all-time high of $25.01 is a testament to its meteoric gains, a price increase of over 1536%. Unfortunately, the 2022 bear market is yet to be completely nullified with the current price of $6.80 standing 73.53% lower than its peak, yet an impressive 416% increase since January.

Based on the bullish signals, INJ is expected to build upon these gains in the very-near future. The 200day exponential moving average has been broken, with the 50-day simple moving average providing a strong suggest to buy. Investor sentiment appears strongly in favour of the token, prompting it to soar even higher.



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