Why Injective (INJ) Price Rockets 10% Suddenly?

Injective price has soared more than 10% today, crossing the brief $23 mark, echoing the positive sentiment hovering in the broader market. The rally comes as the INJ crypto secures a major listing on a leading Korean exchange, indicating the exchange’s confidence in the crypto. Besides, the market is anticipating the rally to continue, potentially hitting $24, which might propel further surge to a new ATH.

Why Injective Price Soared Today?

A flurry of factors, including the positive sentiment in the broader crypto market, could have driven the crypto’s price higher today. However, it appears that the significant spike in Injective price today could be attributed to the listing announcement by the top South Korean crypto exchange, Upbit.

Upbit recently announced that it would support INJ trading on its platform in both KRW (Korean Won) and USDT markets, offering flexibility to investors. This move has been seen by many as a vote of confidence in the crypto’s long-term value, given the exchange’s strict standards for listing new tokens.

According to Upbit’s official announcement, trading for INJ will commence at 18:15 on October 17, 2024. The listing is expected to increase liquidity and attract new traders to Injective, potentially pushing its price higher in the coming days.

Upbit has outlined specific rules for trading, including a temporary buy limit for the first five minutes to prevent price volatility, along with restrictions on sell orders below 10% of the previous day’s close. These measures aim to stabilize the market during the initial trading period.

However, the exchange has set specific rules for the crypto’s trading. For instance, it has imposed a temporary buy limit for the first five minutes to avoid price volatility. In addition, it also set restrictions on sell orders below 10% of the previous day’s closing price. These measures are likely imposed to maintain a stabilized market scenario during the initial trading period.

Will INJ Price Hit New ATH After Hitting $24?

The INJ Price today soared over 10% and crossed the brief $23 mark while noting a slight decline to $22.96 during writing. The crypto has touched a high of $23.18 recently, indicating growing market confidence. Besides, CoinGlass data indicates that the market confidence is also high in the crypto, as evidenced by a surge of 21% in Injective Open Interest.

Amid this, popular crypto market expert Crypto Tony said that the market is eager for the crypto to hit $24. In addition, he hints that by touching the major support level, the crypto could rally to a new ATH, crossing the previous high of $52.75. This comment has sparked speculations that the crypto could hit a new high soon.

Meanwhile, the broader market trends also hint towards a rally in top altcoins. Given the “Uptober” sentiment and soaring optimism over the upcoming US Election to trigger a further crypto rally, INJ price could witness further support.

For context, Bitcoin price has recently hit the $68K mark, with top experts predicting a further rally in the flagship crypto. Having said that, if the altcoins follow suit, the overall market could capitalize on the bullish sentiment of the investors towards the digital assets.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.