The Artificial Intelligence (AI) financial blockchain, Injective (INJ), had its price reach an unprecedented $44 on December 20, capping a year of gains of an astounding 3,200%. The Injective ecosystem’s biggest investors started to increase their holdings after INJ passed its previous all-time high of $22, according to on-chain data.
In 2023, INJ started a parabolic climb. The token hit a new all-time high at the end of this sharp rise before somewhat declining. Although there are some indications of temporary weakening, the general outlook is still very optimistic about continued price growth.
INJ Flexes Its Muscles
Over the last month, INJ increased by an impressive 150%. Despite big wallet addresses profiting from it, it kept rising. The token’s price gains are supported by on-chain measures.
As of this writing, INJ weakened a bit, and was trading at $38.60, still up roughly 28% in just the previous seven days despite the retreat. Although some analysts had earlier forecast that INJ prices will probably soar over $40 before the year is up, that is still up in the air given a number of macroeconomic considerations.
INJ market cap currently at $3.3 billion. Chart: TradingView.com
On Wednesday, injective saw yet another surge as investors kept pouring money into the altcoin and cryptocurrency markets. Situated squarely at the crossroads of decentralized finance and AI, its governance token has emerged as one of the most successful digital assets of 2023.
Market watchers have identified a number of major factors driving this incredible rally, including the acceleration from leverage-seeking short-term traders, centralized exchanges’ incentives for creating volatility, and a spike in trading volumes for INJ perpetual futures contracts that exceeded $25 billion in a single day.
More Whales Are Gobbling Up INJ
Between December 4 and December 19, whale trades for $100,000 and more increased, contributing to the boom. The Network Realized Profit/Loss measure shows that this is in line with taking profits. The Santiment chart above shows that INJ holders made money on their token sales in December.
Meanwhile, INJ has shown a fantastic price rise that has exceeded a remarkable 500% growth in value since middle of October. A closer study using technical analysis indicates a bullish prognosis, suggesting that there are currently clear skies ahead for the token’s ascent, especially above $44.
Analysts and investors believe that INJ will likely hit and even surpass the $40–$50 price range in the near future, which highlights the cryptocurrency’s good performance and the market’s favorable attitude toward it.
Source: Santiment
In a related development, current on-chain data shows a bullish movement among high net worth investors and business organizations in INJ. Santiment notes a substantial increase in purchasing activity among the top 100 Injective wallets this week.
As of December 8, these wallets had 96.63 million units of the token, as seen in the chart above. But as of December 20, they had quickly added 460,000 INJ to their holdings, bringing their total value to 97.06 million INJ.
Featured image from PIxaybay