After a 12% nosedive on April 25, injective (INJ) is back up 24.44% as one of the top moving tokens today.
With significant shifts in the price of bitcoin, experts are now questioning the impact on the future price of altcoins, including injective (INJ).
Market turns for injective
Injective Protocol is a decentralized exchange (DEX) that offers cross-chain margin trading, derivatives, and forex futures trading. In the last couple of months, for its potential to change the digital asset trading landscape.
Since the announcement of Injective’s partnership with Eclipse and the introduction of the Cascade, there have been notable price fluctuations in the value of INJ. On April 17, the token hit a year-to-date high of $9.97, a value that had not been seen since February 2022.
This uptick in price was likely due to the positive news surrounding the new interchain Solana Sealevel Virtual Machine and the potential opportunities it could create.
However, following this peak, the value of INJ experienced a downward trend. This trend culminated in a bullish hammer candlestick, a bullish reversal candlestick pattern indicating a potential trend reversal.
The bullish hammer was followed by another significant move in the upwards direction, which suggests that investor sentiment is positive regarding Injective’s latest updates and developments.
It is not uncommon for altcoins to undergo price fluctuations, and factors such as market sentiment, news, and technological advancements can all impact the value of a token.
Ongoing developments
Looking at the last couple of months, Injective has recently announced a partnership with Eclipse to introduce the Cascade, the first interchain Solana Sealevel Virtual Machine (SVM). The Cascade will allow developers to seamlessly deploy Solana dApps using the Injective blockchain, offering enhanced scalability and efficiency.
Additionally, on April 10, developers released an upgraded version of the Injective mainnet, adding advanced features such as improved smart contract capabilities, aggregated user accounts, automation, and other enhancements.
TradingView.com shows the current total market cap of INJ is $665 million. The Cascade represents the first iteration of interchain security for rollups, potentially improving dApp performance and creating new opportunities for developers in the blockchain industry.
These updates aim to provide a better user experience and set the stage for innovation in the blockchain space, although it is undetermined if these updates will be enough to minimize the effects of a shifting bitcoin price.
Source: https://crypto.news/injective-token-gains-24-44-as-one-of-the-top-movers-today/