Sunday, 14 July 2024

Crypto News

Injective (INJ) eyes new all-time high as Bitcoin surges to $46k

Injective (INJ) price hits new ATH: What’s the catalyst?

  • Injective (INJ) price has surged 14% in the past 24 hours as bulls crossed above $40. 
  • INJ is targeting a new all-time high above $44, with the gains coming amid a new upside for Bitcoin that saw BTC soar to $46k.

An infusion of fresh impetus has seen the price of Injective (INJ) rise sharply. As most altcoins looked to spark into life after Bitcoin rose above $45k, Injective’s native token was trading more than 14% up over the past 24 hours. Trading volume has jumped 61% in the same period to over $439 million.

Meanwhile, Bitcoin price was trading near the $46k level, up 4% in 24 hours. BTC reached highs of $46,165 on crypto exchange Bitstamp as Bitcoin ETF sentiment ramped up.

INJ price soars ahead of major token unlock

While the upside faces a hurdle near the all-time high of $44.57 reached on December 24, 2023, there’s a potential impactful event set for the next few days. 

According to data shared by tokenomics insights platform Token Unlocks, Injective is headed for its final token unlock.

The notable event will activate on January 21, 2024, with 3.66 million INJ worth about $152 million (at current prices) unlocked. This will see Injective’s total circulating supply bumped to the total supply of 100 million INJ. The unlocked coins will account for about 4.3% of the cryptocurrency’s circulating supply.

As the Injective ecosystem braces for the significant influx of tokens, traders are also likely to keep an eye on overall market sentiment. This is because there’s a broader bullish outlook as the industry anticipates the approval of spot Bitcoin ETFs by the US Securities and Exchange Commission (SEC).

Although price is likely to drop as the new supply injects downside pressure, INJ could benefit from a rallying market. Target price levels amid potential price discovery will include $100 in the short term. On the flipside, INJ could face a retest of primary support below $20.

At the time of writing, Injective changed hands around $42.21 – just over 5% off its…

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