Injective (INJ) could be on the verge of a possible price surge following a recent wave of accumulation by crypto-whales. This would undoubtedly come as much-needed relief for the INJ token, which has declined significantly over the past seven days.
Crypto Whales Buy $24.8 Million worth of INJ
The data of Santiment market intelligence platform shows that Whale Addresses recently purchased $24.8 million worth of INJ, bringing its total holdings to 10.69 million INJ. This purchase is significant given the impact of crypto whales on the market. As such, a purchase of this magnitude could provide a much-needed boost to the INJ price.
Injective, like the broader crypto market, has seen a steady decline over the past week, falling more than 14% during this period. The crypto token has also suffered a reversal of fortune, as it currently has a decline since the beginning of the year (YTD) by more than 9%. This is shocking for a token that saw a 3,000% gain in 2023 and even outperformed. Solana (SOL)whose gathering was one of the main talking points of last year.
However, a major fix This was expected for the price of INJ, which saw a sustained rise last year, suggesting that it may have been overbought at some point. A price drop like this is necessary for the crypto token to be able to establish itself again and make another upward move.
Injective could follow Solana's trajectory
Crypto Analyst Crypto Dona recently suggested that Injective could follow a similar path to SOL Price Action in 2021. At the time, SOL would be stuck between $20 and $40 for over 100 days. However, just when everyone was about to abandon SOL, it launched in droves and saw its price increase tenfold.
The crypto analyst expects something similar to happen with INJ’s price, stating that a 10x could be imminent. Injective, being a AI (artificial intelligence) piece, is also likely to continue to attract a lot of attention as we approach the latter stages of this bull run. This could have a positive impact on its price as more liquidity will flow into its ecosystem.
The recent purchase by these crypto-whales also highlights the bullish sentiment towards the crypto token despite its current unimpressive price action. Members of the INJ community have also expressed optimism about the future trajectory of the token, with Crypto Dona, in particular, declaring that its price always goes into three figures.
At the time of writing, INJ is trading around $32, down over 5% in the last 24 hours according to data from CoinMarketCap.
INJ price recovers to $33 | Source: INJUSDT on Tradingview.com
Featured image from Coinfomania, chart from Tradingview.com
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