Injective surges 18% in 7 days – Is $29 next for INJ?

• Injective was gaining momentum following a breakout from a month-long descending channel, with projections pointing to an upward movement towards $29.84.
• At press time, market sentiment around INJ was positive, positioning the token favorably.

Over the past week, Injective [INJ] has embarked on a major rally, gaining 18% after rebounding from the lower bound of its trading channel.

With a notable 3.02% increase in the last 24 hours, the upward trend appears set to continue.

Injective aims for $29 peak

As of press time, INJ was experiencing a significant upswing, having broken out of a descending channel that began in April. A pattern like this often precedes a major upswing. 

The breakout was initiated after INJ bounced off the support level of the descending channel and added extra momentum after trading at a subsequent support of 18.14.

If the current bullish strength continues, INJ can climb from its present price of $22.14 to the channel’s peak at $29.84, marking a potential gain of 33.07%.

Source: TradingView

Conversely, should INJ take a downturn, it could potentially revisit the $18.14 level before potentially resuming its upward trajectory.

Buying interest rises

The buying rate for Injective (INJ) has surged, with both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators signaling a bullish trend. 

The RSI was 65.80, indicating strong trader accumulation, which could further boost INJ’s price from its current level.

The MACD, a key trading indicator, reinforces this outlook by displaying a strong buy signal.

This is evident as the blue MACD line and the orange signal line have crossed into the positive territory, accompanied by a predominance of green, rising momentum bars.

Source: TradingView

Continued trends from these indicators suggested a favorable move for INJ in upcoming trading sessions.

THIS signals a continued bullish trend

Injective was experiencing a bullish surge at press time, per Coinglass, as more funding flowed into the asset. This was highlighted by a rise in its OI-Weighted Funding Rate, which stood at 0.0056% at press time.

Source: Coinglass

This increase suggested heightened buying activity in the market, especially as it occured during an upward trend.

Read Injective’s [INJ] Price Prediction 2024–2025

The OI-Weighted Funding Rate, which adjusts the standard Funding Rate based on the Open Interest of each leverage tier, offers a more precise reflection. 

A positive rate, as observed currently, typically indicates strong market optimism, supporting expectations for INJ to reach the $29.84 target.