Injective's Price Surge Hits Ceiling as Upper Bollinger Band Resistance Looms
Injective's price has surged nearly 75% above its 200-day moving average and is now facing resistance at the upper Bollinger Band. The RSI is in overbought territory, and the MACD momentum has flatlined, indicating a short-term risk of rejection.
The price rejection from $8.21 occurred precisely where it should, within a whisker of the upper Bollinger Band at $7.87 and hard against the immediate resistance wall at $8.17. The setup is textbook: a powerful trend, now overbought, now compressing.
According to derivatives data sourced via Blockchain.news, top-tier traders are positioned 66.9% long against 33.1% short, a ratio of 2.02:1. However, the taker buy/sell ratio is sitting at 0.9292, meaning sell volume is outpacing buy volume in the most recent hourly window.
The market remains constructive for L1 DeFi tokens like INJ, but the short-term micro setup is flashing yellow. A pullback to $7.17-$7.49 with RSI reset could be a better entry point for a reload towards the $8.53 breakout over the following two to three weeks.