INJ Stalls at $7.81: Will Smart Money Conviction Carry Token to $9?
The Injective Protocol's native token, INJ, has seen a recent price action that is telling a complicated story. After the successful deployment of its Meridian mainnet upgrade on September 24, INJ rallied hard into the event, surging approximately 27% in the week leading up to it. However, three days post-launch, the token is trading roughly flat and even gave back some ground from its intraday high of $7.92.
The market's macro backdrop is genuinely constructive, with BTC spot ETFs recording $2.4 billion in net weekly inflows and ETH ETFs pulling another $600 million. Altcoin rotation is broadening, with 72.5% of altcoins now outperforming BTC on a spot-driven basis.
However, the counterweight to this positive trend is macro rate pressure. The 10-year U.S. Treasury is pinned at 5.16%, and FedWatch is pricing four more hikes before June 2027.