🌎 Injective Price Surges 54% in Six Days Amid Market Optimism

Injective (INJ) price has experienced a significant rise over the past six days, marking its longest winning streak of 2024. On Wednesday, it surged by over 12%, becoming the best-performing top 50 cryptocurrency.

Injective’s Recent Rally

The INJ rally began on July 5th after the price dropped to $16.93 amid a broader market decline. Since then, it has increased by over 54%, reflecting improved sentiment in the cryptocurrency market. Bitcoin has also retested the critical resistance level at $65,000, and the crypto fear and greed index has shifted from a fear zone of 38 to a more neutral 58.

Rising Developer Activity

Another factor contributing to Injective’s rise is the increase in developer activity within its ecosystem. Data indicates that the average number of weekly commits has surpassed 700 over the past seven weeks, compared to less than 200 previously. This increase suggests growing network engagement and project health.

The number of developer commits is an essential metric for blockchain activity, project health, and community engagement.

Boost in Derivatives Volume

Injective’s token has also benefited from a rebound in derivatives trading volume. The daily volume in the derivatives market rose to over $109 million on Tuesday, up from $98 million on Monday. Increased activity in this market is generally a positive indicator.

Helix DEX Network Activity

Helix, Injective’s largest DEX network, is also seeing more activity. Data shows that the network handled over $114 million worth of cryptocurrencies on Wednesday, making it the 32nd largest DEX in the industry. This surge in activity further supports Injective’s growth.

Staking Market Cap

Injective has also seen success in its staking market, with a market cap jumping to over $1.53 billion. Investors are earning an annual yield of 20%, which is one of the highest in the industry. However, some investors are concerned about Injective’s valuation, given its market cap of over $2.4 billion and a DeFi TVL of less than $50 million.

Future Price Predictions

Despite these concerns, some crypto traders remain optimistic about Injective’s price potential. The initial level to watch is $33, its highest swing in June. Some analysts predict that the INJ token could rise to $100.