Injective's Institutional Narrative Gains Momentum as Staked INJ ETF Filing Advances

Injective's (INJ) market momentum has been boosted by several recent developments. Canary Capital, the issuer behind the proposed Staked INJ ETF, has filed an amendment to its S-1 form with the Securities and Exchange Commission of the United States.

The proposed ETF will hold spot INJ and have a staking component for institutional players in the U.S., marking another example of growing institutional attention towards Injective. The project's network activity has also been on the rise, reaching a milestone 3 billion transactions in total, with over 42 million transactions recorded within the last 30 days.

Technical analysts believe that INJ is approaching a key resistance level at $9, which could be a crucial breakout point for the price. If INJ manages to break above this level, it may lead to a rally towards $16, according to some predictions.