Injective's INJ Token Taps Double-Bottom Formation, Eyes $17.5 Breakout
Injective's token, INJ, is showing signs of a potential bullish reversal as it forms a double-bottom structure. The pattern suggests that selling pressure may have weakened after the prolonged decline, and if buyers secure a clean breakout through the $9-$9.5 region, the setup could strengthen and potentially open a path toward the chart's projected $17.5 target.
The rising derivatives activity, with a 43.52% increase in trading volume to $480.40 million and a 31.85% climb in open interest to $183.98 million, points to stronger trader participation. This does not guarantee a bullish breakout, but it adds important context to the technical setup.
The proposed Injective ETF filing by 21Shares, which targets a potential Nasdaq listing under the ticker TINJ, adds institutional interest and is considered a significant milestone for Injective. The Meridian upgrade further strengthens Injective's tokenization infrastructure and could support renewed bullish sentiment around INJ.