Injective Price Rally Hits Roadblock as Long Volume Declines
Injective (INJ) has been on an upward trajectory, with its price increasing by 14% in the last 24 hours. However, this rally may have hit a roadblock as traders' long volume has started to decline.
Data from CoinGlass shows that the perpetual market long-to-short ratio, which indicates whether traders are net long or short on INJ, is currently at 1.019. This means that approximately 50.76% of INJ's total perpetual market volume is controlled by long traders.
Despite this, the top three exchanges controlling the most INJ volume - Binance, LBank, and Bybit - are showing a significant amount of sell pressure, with over half of their combined volume dominated by sellers. This suggests that traders may be leaning towards short positions on INJ.
The Open Interest (OI)-weighted funding rate, which indicates the position of capital in the perpetual market, is nearly flat at 0.0003%. This could imply indecision among traders and potentially lead to a flip in either direction.