- Injective's token has been among the best-performing cryptocurrencies this week.
- The developers teased that the Cascade mainnet was loading.
INJ, the native token of Injective, has emerged as one of the best-performing crypto tokens this week. The INJ price jumped to a high of $6 on Friday, the highest level since April 11 last year. According to TradingView, the token has rallied by 436% from the lowest level in October last year.
Why is Injective Protocol soaring?
The Decentralized Finance (DeFi) industry is expected to change the world in the coming years. Many people are already using DeFi platforms like Maker and Compound to borrow money. Others are using decentralized exchanges like Uniswap and GMX to trade and invest in crypto.
Most of these dApps are created in the leading blockchains like Ethereum, Tron, and BNB Chain. Therefore, Injective, a protocol backed by Pantera and Mark Cuban, aims to become the best layer-1 network solely focused on the finance industry.
Injective, which uses the Cosmos platform, has low costs, with the average transaction cost being less than $0.01 and the average block time being 1.1 seconds.
Read more: Eye-opening DeFi statistics and facts for 2023.
There are several reasons why INJ has jumped sharply in the past few months. First, the number of on-chain transactions in the ecosystem has jumped to more than 193 million. Over 30 million blocks have been produced.
Second, there are signs that the ecosystem growth is continuing. Early this year, the developers unveiled a $150 million ecosystem fund. The fund will provide financing to developers of the most creative projects in the ecosystem. In line with this, the developers are carrying out a hackathon to identify the best projects.
Third, the developers announced a new integration that will make it possible to port Solana dApps into the Cosmos ecosystem. They have already released a layer-2 testnet that uses the Sea Level Virtual Machine. The product, known as Cascade, uses the optimistic roll-up technology. INJ price rose on Friday after the developers tweeted that the mainnet migration was underway.
INJ price prediction
The daily chart shows that the Injective Price has been in a strong bullish trend. On Friday, the token managed to move above the important resistance level at $5, the highest level on March 18. In line with this, the token has moved above the 25-day and 50-day moving average while the Relative Strength Index (RSI) moved close to the overbought level.
Therefore, I suspect that the INJ crypto price will continue rising as buyers target the next key resistance level at $7.56, the highest point on April 5.
