Recently, as the number of wallets in the Injective (INJ) network reached an all-time high, its price continues to rise with a major resistance line in sight. With the wallet count surpassing 4,000, an ETF application for exchange listing, and strong technical patterns converging, INJ appears to be preparing for the next round of ascent.
Market analyst Ali Martinez analyzed that INJ is currently passing through a bullish retest phase within an ascending triangle pattern formed since April. The current price is around $15 (approximately 20,850 won), retesting the 1.0 Fibonacci expansion resistance line near $16.12 (about 22,420 won). Major resistance levels are suggested at $20 (about 27,800 won), $22 (about 30,600 won), and $27 (about 37,530 won), which signal significant rebound potential if breached.
However, an overheated price movement is also detecting short-term adjustments. INJ, which faced resistance at $16.5 (about 22,940 won), is currently retracing to the $14.2-$14.5 (about 19,740-20,150 won) range. Analyst Crypto Eagles considers this zone a 'demand zone where buying pressure can re-enter', predicting a potential recovery above $15.5 (about 21,540 won) if a rebound occurs.
Beyond technical analysis, fundamental indicators continue to show positive signals. According to the dApp analysis platform Gemtost, the number of INJ wallets has steadily increased over the past two months, surpassing 4,000. The periodic surge in daily new wallet creation particularly indicates new entrants are flowing into the ecosystem.
ETF news is also supporting investment sentiment. Injective recently announced that the U.S. Options Exchange (CBOE) has submitted an application to list the Canary Capital Staking INJ ETF with the U.S. Securities and Exchange Commission (SEC). CBOE, a representative U.S. exchange processing over $2 trillion in monthly nominal trading volume, is interpreted as a major event that increases the possibility of institutional fund inflow.
INJ has been maintaining a sharp upward trend since June, approaching past peak levels. With dual momentum built through wallet growth and expanded institutional fund accessibility, analyses are gaining traction that a price above $30 (about 41,700 won) could come into view if meaningful technical breakthroughs occur alongside trading volume expansion.
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