Injective Price Eyes Breakout Amid Double-Bottom Setup and Solana Expansion
Injective (INJ) is showing signs of a potential bullish reversal as buyers defend support and a double-bottom structure develops. According to Crypto With Gopal, INJ's daily chart has formed a potential double-bottom formation with two notable lows labeled 'Bottom 1' and 'Bottom 2' around a broader support zone.
The pattern suggests selling pressure may be weakening, although confirmation requires a decisive breakout above the neckline resistance. The key resistance highlighted by the analyst lies between $9.0 and $9.5. A sustained move above this region could confirm the reversal structure and strengthen the bullish setup.
On the 4-hour chart, INJ staged a strong rally in early September, breaking above $5.00 before reaching a local peak near $6.80. The token has since recovered toward $5.60, but the 20-period SMA near $5.68 remains an immediate hurdle.
Improvements can be seen in the momentum indicators as well. The MACD histogram is now in positive territory in the four-hour time frame, while the fast MACD line has crossed over the signal line. This indicates that the bearish momentum has been weakened and buying interest is coming back in the short term.