Injective (INJ) has staged a sharp recovery, with its price climbing more than 11% over the past 24 hours. The rebound has brought buyers back into focus, but INJ’s price is approaching a resistance zone that has repeatedly capped its upside. With the token struggling to move beyond $8.20 to $8.28, the latest rally faces an important test: can bulls finally push through, or is another rejection on the cards?
The price recovery coincides with renewed activity in Injective’s derivatives market; however, not all signs point in the same way. This raises important questions regarding the rally’s strength and whether INJ has enough momentum to hit $10.
INJ Forms an Ascending Triangle as $8.28 Resistance Holds
Injective’s daily chart shows an ascending triangle pattern, with price forming higher lows while repeatedly facing resistance between $8.20 and $8.28. The rising support trendline, which originates near the August low of $3.945, indicates that buyers have been entering the market at progressively higher levels. Meanwhile, sellers continue to defend the horizontal resistance zone, narrowing the price range.
Injective’s On-Balance Volume (OBV) indicator offers some support for the recent price recovery. The daily chart shows OBV moving within an upward-sloping channel after recovering from its August decline. This suggests that buying-volume participation has improved alongside INJ’s broader price recovery. However, the indicator still needs to move above its recent highs to provide stronger confirmation of the bullish structure.
On the downside, the rising trendline remains an important support reference, followed by the $7.20 to $7.40 region. A breakdown below this structure would weaken the ascending triangle setup and expose INJ to further losses towards $7.00. A decisive daily close above $8.28, accompanied by stronger trading volume, could open the way towards the previous swing-high region of $9 to $9.5.
OBV Shows Improving Participation, but CVD Raises Concerns
Injective’s derivatives market is showing signs of renewed activity as open interest recovers alongside the token’s price. The aggregated open interest currently stands at approximately $70.12 million, with the historical chart showing a notable expansion in derivatives exposure. The funding rate also remains positive at 0.0065, indicating that long positions are paying shorts in the perpetual futures market. This points to a slight bullish bias among derivatives traders, although the reading alone does not suggest excessive long positioning.
The Cumulative Volume Delta (CVD) presents a less encouraging picture. Aggregated futures CVD stands at approximately -110.735 million, while spot CVD is around -11.898 million.
Liquidation data, meanwhile, offers a reminder that leveraged positions remain vulnerable. The latest dashboard snapshot records approximately $158,196 in long liquidations, compared with $76,445 in short liquidations. The higher long-liquidation figure suggests that bullish traders have also faced forced position closures during the measured period. This is worth watching as INJ approaches resistance, particularly if increasing leverage makes the market more sensitive to sudden price movements.
Can INJ Break Above $8.28 and Extend Its Recovery to $10?
Injective’s latest recovery has brought its price closer to a critical breakout point, but the $8.20 to $8.28 resistance zone remains a major hurdle for buyers. The ascending triangle formation and recovering open interest offer some encouragement, although declining CVD readings suggest that aggressive buying has yet to provide convincing confirmation. A sustained move above resistance could bring the $9.5 region into focus, while another rejection may expose the rising support trendline and the $7.20 to $7.40 area.
Beyond the charts, Injective’s proposed Veyra upgrade adds another development to watch, particularly with its focus on institutional trading infrastructure, cross-chain functionality and real-world asset markets. However, for now, INJ’s immediate direction will largely depend on whether buyers can overcome overhead selling pressure and turn the recent recovery into a confirmed breakout.
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