In recent days, AI-related cryptocurrencies have experienced a comeback in buying interest after the early 2023 pump due to ChatGPT. The Injective coin, in particular, has caught the eye of the market with its breakthrough past monthly resistance marks, currently trading at levels not seen in over two years. As a result, whale investors are actively trading this altcoin, setting the INJ price for potential record peaks in the upcoming week.
INJ Recorded Whale Transactions Over $40 Million
In the past 30 days, the Injective coin has witnessed a remarkable surge, soaring by more than 120%, which positions it among the top-performing altcoins of late 2023. This uptrend has shifted trading sentiments positively toward the altcoin, with whale investors pushing up their engagement. According to IntoTheBlock data, there’s been a spike in large transactions following the rise of the INJ price from a low of $10.
Transactions totalling $42 million by whale investors over the past fortnight indicate an increased level of activity, which has been a key driver behind the recent price increase. Coinglass reveals an increase in short-liquidation, amounting to over $6 million worth of positions. This has weakened the immediate resistance levels, resulting in more buying demand among traders.
With the INJ coin’s pr climbing to its highest point in two years, the majority of its investors are now seeing profits. Current figures indicate that about 95% of INJ coin owners are in the green following a 25% price increase within a week.
Nevertheless, there are still 504 addresses, making up 2.7% of owners, who are facing losses, likely those who bought in early, around the $20-$22 mark during its initial release. Additionally, 558 addresses, accounting for approximately 3% of all holders, are breaking even, indicating their holdings have neither gained nor lost value.
What’s Next For INJ Price?
INJ experienced a spike toward $18 recently, attempting to extend its gains. However, bearish traders resisted as they put a stop to the increase and triggered a trend reversal. As of writing, INJ price trades at $17, increasing by over 10% in the last 24 hours.
Should bearish efforts to keep the price under the EMA20 mark ($15.7) succeed, the INJ price can decline further to test buyers’ patience at $13.8. This level will likely get tested, and a successful rebound will again spark buying pressure for the altcoin. In this case, buyers will aim to push the price above $17 and head toward the crucial resistance of $23.
If buyers successfully defend increasing selling pressure near $23, INJ price might skyrocket and reach new ATHs by 2023’s end. Conversely, a decline below $13 will strengthen bearish pressure, and a drop toward the breakout point of $10 will be more likely.