Injective's $6.20 Breakout Triggers Bullish Momentum

The Injective (INJ) token has seen significant gains in recent days, reaching a new all-time high of $6.20 after breaking above its resistance zone.

This surge is attributed to increased participation among INJ holders, with the staked supply reaching 58.8 million INJ, a rise from its 2023 highs of roughly 42 million.

The growing staking activity may influence market supply and strengthen the bullish prospects if demand remains high, but it remains unclear whether the price can sustain the move and clear nearby resistance levels.

The Injective network participation has been steadily increasing, with the open interest in derivatives reaching 3.23 million, indicating a rise in participation in the derivatives market.