INJ Price today

Injective is set to add native Ethereum Virtual Machine support to its Layer 1 blockchain, enabling Ethereum-compatible decentralized applications.

The Injective team will first initiate a private developer network for testing, with a mainnet release projected for later in 2024.

The native EVM aims for up to 12,500 transactions per second, though initial tests have shown a capacity of 320 to 800 transactions per second.

Injective (INJ) has broken out of a bullish flag pattern, signaling strong buying momentum. As of January 6, 2025, INJ traded at 26.18 USD, indicating a 12.42% gain. The breakout sets targets at resistance levels of 33.34 USD and 50 USD, reflecting market Optimism and a potential sustained upward trend.

Injective has seen significant growth, with a 48.51% increase in new addresses and a 33.44% rise in active addresses, suggesting robust investor interest. Liquidation data shows a net positive sentiment with more short positions liquidated than long ones, underlying bullish expectations. This positive trend aligns with the current market enthusiasm.

The RSI at 52.70 indicates room for growth, supported by a bullish moving average cross. Market sentiment is optimistic, with Open Interest surging by 13.38% to 195.42M USD, reinforcing confidence in a potential price increase. Together, these factors suggest a strong case for INJ reaching the 50 USD mark under favorable conditions.

Injective (INJ) saw a 30% value increase within a week, with a 14% boost in just the last 24 hours. This strong price action is supported by an overbought RSI at 80.6 and an upward climbing BBTrend, indicating strong bullish momentum since January 4. These technical indicators suggest investor confidence and potential for further increases.

Potential resistance levels for INJ are set at 26.5 USD, 29.4 USD, and 35.2 USD, representing a 36.4% upside from current price levels. On the downside, support levels are noted at 23.98 USD and 19.7 USD, where failure to maintain these could result in price declines. The formation of a golden cross in the approaching EMA lines could further enhance the buying interest.

Injective as a Layer 1 solution: Injective serves as an innovative Layer 1 blockchain tailored for DeFi and other fields. Its advanced infrastructure facilitates rapid application deployment across various chains, supported by a robust community of over 500,000 participants.

Speed and throughput capabilities: Injective offers exceptional transaction processing capabilities with block times of just 0.6 seconds and an impressive throughput of 25,000 TPS. This allows it to maintain HIGH performance, accommodating various financial applications.

The significance of the INJ token: The INJ token plays a crucial role in governance and security within the Injective ecosystem. It incentivizes transaction activities, and 60% of fees are used for buybacks and burns to support its deflationary model.