Injective is Preparing for the Last Time Token Unlocking Event: Is This an Opportunity for Investors?

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Layer-1 blockchain injective (INJ) last unlock event on January 21 will realize. While 3.66 million tokens will be unlocked, the circulating supply will be updated to 100%. Total

INJ Token, which was traded at $ 37.7 at the time of writing, may also present a new buying opportunity with the unlocking event. The price reached its peak on December 26, 2023 at $44.61.

According to analyst Captain Faibik, Injective has formed a bullish flag and it might be on the verge of rising above $60. From the chart shared by the analyst, altcoin It created two rallies combined with a brief period of consolidation.

Therefore, the price movement may enter a sustained uptrend. In this process, Injective can form higher highs and higher lows. INJ was affected by the market crash on January 3, despite a 100% 30-day increase.

This crash was the beginning that took the price to $33.55. The 4-hour INJ/USD chart also shows that volatility is increasing.

The Bollinger Bands indicator also revealed that INJ’s previous rise to $40.28 made the asset overbought. At this price, the upper band of BB hit INJ. But that doesn’t mean price fluctuations won’t be significant.

However, the $40.28 level also acted as a major resistance. For the start of progress, the price must first break the existing sell orders and then rise clearly to $40.28.

Injective price continues to show volatility

However, Chaikin Money Flow (CMF) showed that a rapid bullish reversal is unlikely. This was because the CMF was -0.17, indicating an increase in selling pressure. However, regardless of the current situation, Injective continues to provide technical details that show that it continues to maintain its potential. As long as the price action remains above $35, a move towards $60 is possible, as predicted by the analyst.


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