INJ Nears Key Breakout as Wallet Growth Hits All-Time High

TL;DR

• Injective wallet numbers pass 4,000 after a steady two-month rise in holders and network activity.
• The price holds near the $16 breakout level, with mapped resistance levels at $20, $22, and $27.
• CBOE applies to list staked INJ ETF, marking a step toward broader market access.

Price Action and Technical Setup

Injective (INJ) traded near $15 at the time of writing, just under resistance around $16.12, which matches the 1.0 Fibonacci extension. 

Analyst Ali Martinez noted INJ “could be in the middle of a bullish retest before higher highs,” pointing to an ascending triangle structure that has been in place since early April.

https://twitter.com/ali_charts/status/1956310651858464984?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank

Notably, the $16 area is shown as a breakout point, with mapped targets at $20.27, $22.83, and $27.11 if the advance continues. Holding above the trendline and breakout zone would maintain the bias in favor of buyers, while a drop back could lead to a move toward the $13.46 support level.

Short-Term Pullback and Key Levels

After a strong rally, INJ was rejected at $16.50, leading to a pullback. Analyst Crypto Eagles said the $14.2–$14.5 range is the next demand zone, adding, 

“If buyers defend this level, we could see a clean leg back towards $15.5+.”

Analyst Smith noted INJ breaking from ascending support and projected a “+120% move toward $34” if momentum resumes.

Wallet Growth at Two-Month Peak

Data from Gemtoast shows cumulative INJ wallet numbers rising without pause for two months, now above 4,000. New wallet creation has also recorded periodic spikes, indicating fresh participation. Red bars in the chart show total accumulating wallets, while purple bars track new daily wallet creation.

https://twitter.com/gemtoast/status/1956308821124489242?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank

The steady climb suggests more holders are entering and keeping INJ in wallets, adding to network participation.

In addition, Injective reported that the CBOE has filed with the SEC to list the Canary Capital Staked INJ ETF. The CBOE handles over $2 trillion in monthly notional volume. The move points to a growing presence of large market players in the Injective space.