A well-known cryptocurrency that grew by 2700% in a year is named

Cryptocurrency analysts paid attention to the Injective token (INJ), which has grown 2700% over the year. The digital asset managed to update its historical high for the second time in a month, reaching $ 34.64.

The weekly timeframe shows that INJ’s price has been rapidly strengthening since the beginning of the year. The growth culminated in a new all-time high reached last week, on December 15, at around $ 34.60.

At the time of writing, INJ is trading at $ 39.50 with a market capitalization of $ 3.2 billion. Traders made daily trading deals worth $ 610 million. Over the past day, the Injective token managed to grow by 29.5%, over the week — by 51.2%, and over the month — by 143.5%.

In the process of growth, altcoin first overcame the diagonal resistance that remained on the chart since the formation of the previous historical high. Then it broke above the critical horizontal resistance, accelerating its growth rate.

Cryptocurrency traders and analysts on the X platform are optimistic about INJ’s prospects. For example, Victorious is bullish due to the short-term Weikoff accumulation pattern. Rekt Capital is also bullish on INJ. It has identified the previous historical high as a support level that must hold to maintain this trend.

Injective is a blockchain platform for executing smart contracts and launching decentralized applications built on top of Cosmos. It gives users access to numerous dApps with zero gas fees.