Injective Pulls Back 4.6% After Strong Rally Driven by Meridian Upgrade

Injective (INJ) recently dropped 4.6% in price after a strong rally, but analysts see this as a normal pullback rather than a cause for concern.

The cryptocurrency surged from around $5 to above $8 over the past week or so, with one analyst noting a roughly 44.3% weekly gain and price near $7.82 on September 26th, calling it 'outperforming major Layer 1 chains' in the context of the Meridian upgrade and ETF news.

The rally was driven by multiple developments, including the Meridian mainnet upgrade going live with 99% staker approval, a filed 'Canary Staked Injective ETF', and deepening its role as a crypto TradFi bridge. Additionally, INJ expanded its reach with a Solana launch through Sunrise, new pools on Raydium, wider wallet and DEX support, and an ecosystem push around RWAs, buybacks, and MiCA related documentation.

With the broader altcoin market softening slightly, sellers took profits near recent highs, leading to a modest 4.6 percentage point retrace that is well within normal volatility for a coin in INJ's position.