Injective Protocol’s native crypto, INJ, has been on an impressive winning streak over the past seven days, outshining every other cryptocurrency in the top 100. With an incredible surge of over 20% in just a week, INJ has caught the attention of the crypto world, with many wondering what could be fueling such an impressive rise.
Injective Protocol is a decentralized exchange platform that allows for the trading of any asset across various blockchains, without any centralization or custody. With this innovative approach, Injective has managed to carve a niche for itself in the rapidly evolving DeFi landscape.
The question now on everyone’s mind is whether INJ’s impressive run will continue past Good Friday or come to an end.
INJ Price Surges With New Integrations And Partnerships
The crypto has been on an impressive upward trajectory, propelled by recent developments in the platform’s ecosystem. Coingecko’s latest data shows a current value of $5.76, reflecting a remarkable 7.3% surge in the past 24 hours and an impressive 22.7% increase over the past week.
One of the key drivers of INJ’s recent surge is the introduction of Cascade, the first interchain Solama SVM rollup. This major development paves the way for Injective to unlock the vast $9 billion Solana developer ecosystem. Moreover, the platform’s integration of Pyth, a fast-growing oracle network, has further strengthened its infrastructure and fueled investor confidence.
Another significant factor behind INJ’s recent price spike is the launch of liquid staking through a partnership with Stride. The move allows INJ holders to stake their tokens while still retaining liquidity, offering a more flexible and lucrative option for investors.
To celebrate the launch of liquid staking for INJ, @stride_zone is airdropping 100,000 $STRD tokens to @Injective_ stakers!
Be sure to stake your $INJ to qualify for future airdrops and rewards 🪂 pic.twitter.com/HnOEaf4gve
— Injective 🥷 (@Injective_) April 4, 2023
To commemorate the milestone, Stride has announced that it will airdrop 100,000 STRD tokens to Injective stakers, adding further value to the platform’s already impressive offerings.
Crypto Bullish Trend Suggests More Gains Ahead
TradingView charts for INJ indicates a strong bullish trend in recent months. The token has surpassed all moving averages, while the Relative Strength Index (RSI) continues to rise, signaling further potential upside.
Crypto total market cap barely unchanged at $1.14 trillion on a Black Saturday. Chart - TradingView.com
On the daily chart, the crypto has broken through the key resistance level at $5, reaching its highest level since March 18. This impressive feat suggests that the token is likely to continue its upward trajectory in the coming days, as investors set their sights on the next resistance level at $7.
However, it’s important to note that further gains at this stage may be limited, as the token has already experienced substantial growth. Still, INJ’s bullish trend and recent breakthroughs in its ecosystem suggest that the platform is gaining momentum and becoming an increasingly attractive option for crypto investors.
-Featured image from Crypto Briefing