Injective Protocol has reached a historic high in value

The Injective Protocol (INJ) token has reached a new all-time high of $ 27.02. As a result, crypto experts have suggested that the market is currently in a phase of calm and consolidation.

At the time of writing, INJ is tradingat $ 24.43 with a market capitalization of $ 2 billion, a drop of more than 6%. Traders made daily trading deals worth $ 345.7 million.

Analysts note that Injective has experienced a price explosion of more than 50% in the previous 30 days, and the steady growth since hitting its lows in December 2022 has been characterized by a parabolic rise of more than 1,500%. Positive news about the ecosystem and a general bullish sentiment have contributed to INJ’s growth in recent weeks.

If the price of the token declines, the nearest support area is at $ 24, followed by $ 20, which corresponds to the Fibonacci retracement level of 0.382. If INJ’s rally regresses, the stock could pull back to these levels before continuing its rise. To date, according to online data, almost $ 1 billion worth of tokens have been sold.

A continuation of the bullish trend could lead buyers to target prices above $ 30. A bearish reversal in tandem with a broader market decline could signal a possible decline to the support of the INJ range of $ 20-$ 18.

Meanwhile, Coincodex Injective’s current price forecast indicates that the cryptocurrency will rise to $ 27.50. In addition, according to technical indicators, the current sentiment is bullish.

The projected annual minimum price of Injective in 2024 is $ 25.13, but some cryptocurrency optimists believe that next year Injective could be worth as much as $ 35.49.