Foreign media reports that the Injective token INJ has recently returned near a key resistance level, after its price had previously broken through the recent downward trend line. Along with this rebound, the amount of on-chain collateral has also continued to rise. The article suggests that this provides data support for an improvement in market sentiment.
On-chain staking has risen to 58.8 million tokens.
According to the article, there are currently 58.8 million INJ tokens in a locked-up state on the blockchain, setting a new record. This means that a considerable portion of these tokens is tied up in network participation and will not directly enter the market circulation in the short term.
The article points out that an expansion in the scale of staking helps to tighten the tradable supply and also reflects an increased willingness among holders to participate in the network. However, this data alone cannot determine the price trend; rather, it provides a backdrop for the recent rebound.
Price has returned to a key resistance area.
The price mentioned in INJ is approximately $6.31, and it once rose to $6.68 during the session. The article suggests that after the price once again topped the previous downward trend line that had been suppressing the rebound, the short-term structure has improved, and at the same time, the trading activity has also increased.
From a range perspective, $7 is considered the most immediate resistance level at present, followed by the $7.5 to $8 range. If the price can hold above $7 on the daily chart, the signal for a continuation of the rebound will be more clear; if it breaks through $7.5 to $8 further, market attention may shift to higher ranges.
- Direct resistance: $7
- Upper target range: $7.5 to $8
- Key support range: $5 to $5.3
$5 to $5.3 remains an important support level.
The article also mentions that the range between $5.3 and $5 below remains crucial for whether the current structure can be maintained. As long as prices remain above this range, the rebound pattern that has formed recently will not be disrupted.
Foreign media believes that if subsequent trading volumes continue to increase and the price effectively breaks through the resistance above $7, INJ may further move towards $9. Compared to mere price fluctuations, what the market is more concerned about is whether the growth in on-chain staking can continue in tandem with increased trading activity.
