- Injective token price has remained in a tight range in the past few days.
- The network recently launched the Vulan testnet and the mainnet is set to go online soon.
- The number of Injective wallets recently jumped to over 300k.
Injective (INJ) price remained in a tight range this week even after several important news in its ecosystem. The token was trading at $36.40 on Friday, where it has been stuck at in the past few weeks. This price is a few points below the last year’s high of $44.93. It is also 2,465% above the lowest point in 2023.
Important Injective news
Injective, a Mark Cuban-backed blockchain, had a strong performance in 2023 as demand for its token soared. This performance happened even as the network’s ecosystem remained quite small.
For example, despite having a $3 billion market cap, the network’s DeFi ecosystem has just $19 million in total assets. Helix, the biggest DEX in the ecosystem also handles a small share of cryptocurrencies. It handled $33 million in assets in the past 24 hours, making it the 29th biggest player in the ecosystem.
Therefore, some analysts attributed the token surge to behind-the-scenes activities by market makers and venture capital firms. Some of the VCs that have supported Injective financially are Pantera and Jump. Binance also invested in the network.
Injective has made several important headlines this year. First, the developers launched the Volan upgrade in the testnet. This is an important upgrade that aims to boost the network’s speed and stability. It will move to the mainnet in the next few days, which was confirmed by a Tweet on Friday morning.
Second, the other big Injective news was that TrustWallet officially joined the network as a validator. This was a notable move because TrustWallet is associated with Binance and has over 70 million downloads.
Finally, Injective’s ecosystem is growing. In a statement, Hydro Protocol announced that it will launch its mainnet in the Injective on December 31st. Hydro is an Injective-native LSD network that allows users to earn interest.
There have been other key Injective news. For example, Gryphon, a liquid staking platform recently joined the network while the number of active on-chain Injective wallets jumped to over 300k.
Injective price forecast
INJ price has been in a strong uptrend in the past few months as it jumped from $1.2 in January last year to over $44. Recently, the token has remained in a consolidation phase as traders wait for a key catalyst. In this period, the volume in its ecosystem has remained under pressure.
Still, Injective remains above the 50-day and 25-day Exponential Moving Averages (EMA) while the Relative Strength Index (RSI) has formed a double-top pattern pattern. Therefore, I suspect that the consolidation will continue for a while and then bounce back. More gains will be confirmed if the price moves above its all-time high of $44.93.
