In a stunning revelation today, prominent cryptocurrency analyst and investor, known in the community as Crypto Tony, has set his sights on Injective (INJ), predicting a potential surge to $10. The altcoin came tantalizingly close to this milestone, with its 24-hour high price touching $9.90 in recent trading.
However, as the day progressed, a wave of selling pressure appears to have emerged, with INJ currently trading at $9.82, as of the latest update. Nevertheless, it’s important to note that over the past day, INJ displayed remarkable resilience, registering an impressive 9% price increase, as per data from CoinMarketCap. Concurrently, its intraday trading volume experienced a substantial uptick of approximately 36.22%, culminating in a trading volume of $66,263,968.
Looking beyond the immediate fluctuations, INJ’s performance over a longer timeframe has been equally impressive. Over the course of the week, the cryptocurrency has enjoyed a 25.63% surge in its price, while its gains over the past month have exceeded 37%.
When viewed through the lens of the DeFi (Decentralized Finance) sector, INJ emerges as a formidable contender to Ethereum (ETH), a long-standing leader in the domain. Ethereum‘s vulnerabilities have been increasingly exposed, creating an opening for emerging rivals like INJ.
Notably, over the past week, INJ has outpaced ETH in terms of price performance, with CoinMarketCap data indicating ETH’s weekly gains at just over 6%, while INJ has even surpassed ETH’s performance in the last 24 hours.
Furthermore, INJ managed to break through the $8.165 resistance level in the past week, a development that has set the stage for a potential push past the $10 threshold. However, caution prevails, as a rejection at this crucial mark could lead to a retreat back to the $8.165 support level. Should this level also be breached, there’s a possibility that INJ may face downside risk, potentially slipping as low as $6.845.