Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Injective (INJ) Records Significant Growth in On-Chain Metrics: Will the Next Breakout Spark a Rally?

Injective (INJ) Records Significant Growth in On-Chain Metrics: Will the Next Breakout Spark a Rally?

CoinsProbeCoinsProbe2025/01/17 21:44
By:Nilesh Hembade

Date: Fri, Jan 17, 2025, 04:36 AM GMT

The cryptocurrency market has seen a strong recovery, with Bitcoin (BTC) bouncing back from its Monday low of $89,000 to its current price of above $101K. Along with this recovery, Bitcoin dominance, which peaked at 58.60% on Monday, has cooled down to 57.55% today.

This decline in dominance has allowed altcoins to show their strength, with Injective (INJ) gaining significant attention due to impressive on-chain growth and notable gains today, bringing it close to a key breakout level that could signal the start of a major rally.

Injective (INJ) Records Significant Growth in On-Chain Metrics: Will the Next Breakout Spark a Rally? image 0 Source: Coinmarketcap

On-Chain Metrics Growth

Injective has shown impressive growth in network activity. According to recent insights from @QuintenFrancois , the weekly transaction volume of Injective has surged dramatically—from around 10 million transactions at the start of 2024 to over 30 million by early 2025.

Injective (INJ) Records Significant Growth in On-Chain Metrics: Will the Next Breakout Spark a Rally? image 1 Source: @QuintenFrancois (X)

By 2025, the cumulative transaction count has exceeded 1.2 billion, signaling the network’s rapid adoption and scaling capacity.

This growth reflects Injective’s expanding use cases across DeFi, NFTs, and decentralized applications, securing its position as one of the fastest-growing blockchains.

Key Breakout Ahead?

Injective (INJ) is currently trading around $23.38 and is testing the upper boundary of a descending triangle pattern. Over the past few weeks, INJ has been consolidating within this bearish formation. However, after a strong bounce from the support zone near $19, INJ has regained bullish momentum.

Injective (INJ) Records Significant Growth in On-Chain Metrics: Will the Next Breakout Spark a Rally? image 2 Injective ($INJ) 1D Chart/Coinsprobe (Source: Tradingview)

This upward movement has brought the token to a crucial point. A breakout above the descending trendline could signal a major trend reversal, opening the door for a potential rally. The next price targets to keep an eye on are $26.71 and $32.35, which could offer gains of up to 51% from the current price.

From a technical perspective, the MACD (Moving Average Convergence Divergence) is showing a bullish turn, with the histogram indicating increasing positive momentum. This supports the idea that buyers are regaining control and could push INJ beyond its current resistance levels.

What’s Next for Injective?

With robust on-chain growth and promising technical signals, Injective is poised for potential gains. If it manages to break out above the descending trendline, it could set the stage for a significant rally. This scenario makes Injective a token to watch closely as altcoins capitalize on the broader market recovery.

Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Strategy₿ Buys Over $742M in Bitcoin

Following a short break, Strategy₿ (formerly MicroStrategy) bought 7,633 BTC

CyrptoRo2025/02/11 17:55

Bank of England boss says stablecoins require 'high bar' regulations, still exploring a UK CBDC

Bank of England Governor Andrew Bailey said that bitcoin and stablecoins will require different approaches to regulation.The central bank chief also confirmed it was still looking into a CBDC in collaboration with the UK government.

The Block2025/02/11 16:23

Sol Strategies tapped as staking provider for 3iQ’s proposed Solana Staking ETF in Canada

3iQ submitted on Jan. 28 the preliminary prospectuses with the Ontario Securities Commission and other Canadian regulators to list the 3iQ Solana Staking ETF.As of Jan. 31, Sol Strategies and its subsidiaries held an aggregate of 189,968 SOL, worth about $38 million at press time.

The Block2025/02/11 16:23