Injective, a layer-1 network backed by Mark Cuban, has seen a notable resurgence, reaching its highest level in over two months due to increased whale activity.

Injective Token Performance

The Injective token surged to $24.87 on Tuesday, October 1, marking a 10% increase from its August low. This rally coincided with a significant rise in the token’s futures open interest, which hit its highest point since June 14.

Open interest in Injective surpassed $127 million, with the majority concentrated on major exchanges such as Binance, Bitmex, Bybit, and OKX. This figure is substantially higher than the September low of $67 million.

Importance of Open Interest

Open interest is a crucial metric in the cryptocurrency industry, indicating the number of outstanding futures contracts on exchanges. A higher open interest often suggests that a crypto asset is more liquid and in high demand.

Increased Whale Activity

Data from Santiment reveals a 456% increase in whale activity for Injective in recent days, showing that large investors are increasingly bullish on the coin.

On-Chain Transactions Surge

Injective has also seen a surge in on-chain transactions, nearing the milestone of 1 billion transactions.

995 Million On-Chain Transactions. Closer than ever to 1 BILLION! ⏳

New Collaborations and Ecosystem Growth

Last week, Injective joined the Tokenized Asset Coalition, which includes prominent companies like Coinbase and Circle.

However, the growth of Injective’s ecosystem has been slower compared to other popular layer-1 networks such as Sui, Tron, and Solana. According to DeFi Llama, Injective has a total value locked (TVL) of over $44 million, down from an all-time high of $77.6 million. Helix, its largest decentralized exchange, currently holds $31 million in assets and handled $31 million in transactions in the last 24 hours.

Technical Analysis

Injective has recently crossed two key resistance levels, soaring above the 200-day Exponential Moving Average on the daily chart, which is often a positive indicator.

The token also broke above the upper side of a descending channel pattern that connects the highest swings since April 8. The two lines of the MACD indicator have moved above the zero line, while the Relative Strength Index (RSI) is approaching the overbought level of 70. Additionally, an inverse head and shoulders pattern has formed, suggesting more upside in the near term. If this trend continues, the next target to watch is $32.81, the highest level reached on June 12.

#CryptoAdoption #Token #PeerToPeer

Post Views: 1