Injective Price Surges 20% Amid Double-Top Concerns
Injective's price has surged by approximately 20% in the last 24 hours, reaching a level of around $7.11 on September 19, according to CoinMarketCap data. This marks a return to the May high near $7.30, where buyers are now facing the strongest resistance on the chart.
The rapid price movement has led to a situation where most of the weekly gain arrived during the latest session, rather than being spread out over several days. The similarity between the 20% increase in 24 hours and 21% over seven days suggests that the market is experiencing a strong momentum-driven rally.
However, this also raises concerns about the potential for a double top formation, where the price reaches a similar high twice with a significant decline between the two attempts. The current rally has reached the same level as the May peak near $7.30-$7.40, but a rejection at this point would leave only one prominent peak, rather than forming a complete double top pattern.
The Solana access created by Injective's September 17 announcement that INJ had become available on Solana through Sunrise has provided a new project catalyst and allowed Solana users to access INJ through wallets and applications they already use. This expansion has given the broader rotation an INJ-specific focus, but market data cannot isolate how much buying came directly from the Solana expansion.