- Injective Protocol’s token has jumped by almost 2,000% from the YTD low.
- Helix, its key DEX, has grown its market share substantially in the past few months.
- The network will launch the Volan upgrade soon.
Injective Protocol (INJ) crypto price continued its uptrend during the weekend as the altcoin season gained steam. The INJ token soared to a high of $23.21 on Monday morning even as Bitcoin and other altcoins went through a flash crash.
In all, it has been one of the best-performing cryptocurrencies this year as it soared by over 1,917% from its lowest point in 2023. This surge has pushed its total market cap to over $1.8 billion, making it the 41st biggest cryptocurrency in the world.
Why is INJ soaring?
Injective is one of the fastest-growing players in the blockchain industry. It is a layer-1 blockchain network that focuses solely on the finance industry. Backed by Mark Cuban, the network is known for its superior speeds and low transaction costs. It does this by combining the speed of Solana, the interoperability of Cosmos, and the stability of Ethereum.
Injective Protocol has been growing in the past few months. It has already produced over 54 million blocks while the number of on-chain transactions has soared to over 364 million. Most importantly, it has attracted many developers, with the most popular ones being Helix, Mito, Black Panther, and Talis.
Helix has become one of the world’s fastest-growing decentralized exchanges (DEX). According to CoinMarketCap, the exchange handled over $33.9 million worth of transactions in the past 24 hours, making it the 28th biggest exchange in the world.
The other growing network in Injective is the Inj name service, which has now surpassed over 3,000 registrations in the past few days.
INJ price is also soaring ahead of the upcoming Volan upgrade, which is set to be the biggest one since the mainnet was launched. The upgrade is set to include unmatched speed and efficiency with the ability to handle over 10,000 transactions per second.
It will also have enhanced security in the network and transparency. The developers are yet to state when this upgrade will happen. On November 30th, they predicted that it will happen in “the next few weeks”.
Injective price forecast
The daily chart shows that the INJ crypto price has been in a strong uptrend in the past few months. Most recently, it crossed the important resistance level at $19.17, the highest swing on November 11th and the previous YTD high. In most periods, such a bullish breakout is usually one of the best bullish signs in the market.
Injective remains above all moving averages, signaling that there is a bullish momentum in the market. Therefore, the outlook for INJ price is bullish, with the initial point to watch being at $24.24, the highest swing on Monday morning. A break above that level will point to more upside.
