INJ Token Sizzles on Short-Squeeze Frenzy

Injective's INJ token experienced a sudden price surge of 21.66% in a single session, breaking above its upper Bollinger Band and reaching $7.56. However, this move is believed to be driven by the liquidation of overleveraged shorts rather than fresh buying conviction.

The short squeeze was triggered by improved risk appetite in the broader crypto market, which gave investors an excuse to trigger stops above prior resistance levels. Injective's ecosystem narrative around high-performance DeFi infrastructure has kept institutional interest alive during macro risk-on cycles.

Despite the impressive price move, technical indicators are screaming caution. The RSI is at 70.82 in overbought territory, and the MACD histogram has printed zero, indicating a lack of momentum. Every short-term momentum oscillator is pegged at the ceiling simultaneously.