Injective Nears $16 Breakout Fueled by Record 4,000 Wallets
Injective (INJ) is approaching a key $16 breakout level as its wallet count surges past 4,000. The potential Injective breakout could trigger upside moves to new yearly highs. Price action shows INJ trading near $15 with resistance at $16.12, aligned with the 1.0 Fibonacci extension. Technical analysts highlight an ascending triangle since April, with upside targets at $20.27, $22.83 and $27.11 if the breakout holds. Pullback support lies between $14.20 and $14.50, while a drop below $13.46 could invalidate the bullish thesis. Meanwhile, cumulative INJ wallets have climbed steadily for two months, indicating growing network participation. The CBOE’s SEC filing for a Canary Capital Staked INJ ETF marks a step toward institutional adoption. These developments suggest a bullish outlook for INJ in both the short and long terms.
Bullish
The record surge in Injective wallets to over 4,000 signals robust network growth and user confidence, a pattern historically linked to price upticks in networks like Ethereum and Solana. Coupled with the technical setup—a retest of the $16 breakout and an established ascending triangle—traders may anticipate renewed buying momentum. Additionally, the CBOE’s filing for a Staked INJ ETF represents growing institutional interest, similar to spot Bitcoin ETF approvals that drove significant inflows. In the short term, holding above key support zones around $14.20–$14.50 could pave the way for rapid gains toward $20–$27 targets. Over the long term, increased adoption via ETF listings may sustain upward pressure on INJ, reinforcing a bullish stance for both intraday traders and longer-term investors.