The crypto market volatility has become overwhelmingly high lately, with coin prices turning unexpectedly bearish instantly. Most coins are trading in the red zone, with some surrendering past week’s gains. But a few coins showed resilience, trading in green with most of their past week’s gains intact.
Among these is Injective (INJ), holding over 23% on the weekly chart when top coins turned bearish. INJ is among the coins trading with gains today, with a 7.85% price increase in the last 24 hours. But that’s not all; the token registered a more than 74% price increase over the past 30 days.
INJ Price Could Derive Support From Ecosystem Developments
Investor sentiment on most coins has turned bearish as the market expects the release of the March CPI data today, April 12. It manifested in the ongoing market-wide downturn, which pressed down cryptocurrency prices across the crypto market. Why is INJ soaring when other crypto prices slumped?
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The answer could be in the various ongoing ecosystem developmental projects. The injective community recently voted for a governance proposal 219 that will allow Pyth Network to migrate to the Injective mainnet.
According to the report, the migration will make Injective the only IBC-enabled L1 protocol to have Pyth on-chain. It would allow users seamless access to crypto and real-world asset data.
On April 11, the Pyth network successfully launched on the Injective mainnet. To celebrate the integration, Injective announced a $5,000 hackathon prize for developers building on the blockchain. This and other ecosystem developments must have contributed to INJ’s price performance.
INJ Bucks Bearish Trends With Impressive Rallies, Will it Continue?
INJ launched via a public offering in 2020 and became the first Binance Labs-supported project to debut on the Binance Launchpad. The token has performed incredibly well since its launch with an over 1,536% price increase. The token’s current price is 898.36% higher than its all-time low price of $0.6557, recorded on November 3, 2020.
Nevertheless, INJ is yet to fully recover from the impact of the 2022 bear market that pulled it down from its all-time high of $25.01 recorded on April 30, 2021. Although its current price is 73.53% lower than the all-time high, INJ has registered notable gains this year. The token price increased by more than 416% since January 1, when it opened the day at $1.2714.
At press time, INJ is trading at $6.80, with a 24-hour price increase of 7.85%, a 5% rally yesterday, and a 23.91% 7-day price gain.
Following technical indicators, INJ is trading above the 200-day exponential moving average. Its price has climbed above the 50-day simple moving average of $4.3017, a strong buy signal. Since the market sentiment appears bullish for the INJ, the token might be gearing up for more gains in the coming days.