Injective (INJ) Soars Past $12 Resistance, Will Bull Rally Persist?
The post Injective (INJ) Soars Past $12 Resistance, Will Bull Rally Persist? appeared on BitcoinEthereumNews.com.
Injective (INJ) bulls breach the $12 resistance, marking a 20-month high in the last 24 hours. New users flood Injective Network as Helix’s game-changing feature may have caused INJ’s price surge. The $15 high may be the next target if bullish momentum breaches the resistance. Injective (INJ) has catapulted to a significant milestone, breaching the $12 mark, as bullish momentum continues sweeping the crypto markets. Over the past ten days, this digital asset has been on an impressive winning streak. Injective Network Welcomes a Wave of New Users Injective’s recent meteoric rise can be attributed to a groundbreaking product feature unveiled by Helix, the decentralized exchange (DEX) built on the Injective Layer-1 blockchain. On October 19, Helix introduced pre-launch futures trading, allowing crypto enthusiasts to speculate on unreleased tokens before they hit the official market or exchange listings. This move created a chain reaction, leading to an influx of users into the Injective network. The on-chain data paints a vivid picture of this surge, with 133 new INJ wallets created on October 20 and 22, marking the highest network growth since mid-July. The spike in new users could be a bullish signal, indicating heightened demand for the native token and the network’s services. Connection Between Product Launch and Price Rally The correlation between Helix’s recent product launch and Injective Network Growth is striking. This innovative feature appears to be a pivotal driver behind the ongoing INJ price rally. The injection of new users into the ecosystem could have bolstered demand for INJ tokens. While the surge in demand has propelled INJ’s price to a 20-month high, on-chain data reveals that the accompanying media frenzy is approaching euphoric levels. The INJ Social Volume score hit a 65-day peak of 123 on October 20, signifying an exponential increase in mentions across crypto…
Filed under: News - @ October 25, 2023 2:10 am