Injective (INJ) Token Unlock: Analyst Predicts $60 Surge in Volatility

Injective (INJ), a layer-one blockchain, is set to conclude its token unlock if information sourced from the Token Unlocks handle on X is anything to be relied upon. The disclosure outlines that INJ will actualize full unlocking on January 21 with 3.66 million tokens ready for release, carrying the total Injective supply to 100%.

🚨 Final Cliff Unlocks Alert 🚨

Mark your calendars for January 21, 2024$INJ will be fully unlocked (100%)

Get ready for the massive cliff unlocks.
🪙 3.66 m tokens
💰 132.4 m dollars
🌀 4.35% of cir. supply

Allocations:
– Advisors: $12.04 m
– Team: $120.37 m$INJ was… pic.twitter.com/EYCyv4hsuC

— Token Unlocks (@Token_Unlocks) January 7, 2024

The current circulating supply today stands at 83.75 million INJ tokens. Adding a further 4.35% poised to be released takes the entire circulating supply, amounting to 100 million INJ tokens. This development allows market participants who have missed out on INJ’s impressive performance to take a stake in the cryptocurrency, currently priced at $37.70.

Despite the recent market downturn on January 3 affecting INJ, its performance is outstanding and easily traceable, with an upward shift of 100%. Impressive about this cryptocurrency is its All-Time High (ATH) of $44.61 on December 26, 2023. This marks an astonishing increased value of 3,515% from its launch in 2020.

Injective (INJ) Token Set for Potential Rally

Some market participants have already eyed the next move, with analysis Captain Faibik speculating. He has hinted that INJ is setting a bullish flag, which might break above $60. Analyzing the chart, Faibik detects the formation of two rallies connected with a brief consolidation period. This pattern suggests the potential for a continuous uptrend with higher highs and lows.

$INJ Bullish Flag Formation..!!

Seems lie Ready for Another Bullish Rally.#Crypto #InjectiveNetwork #INJ pic.twitter.com/OcPsNJ7laX

— Captain Faibik (@CryptoFaibik) January 6, 2024

However, selling pressure may creep in soon after the January 3 market crash. INJ’s price plummeted to $33.55 in that dip before bouncing back. On the daily chart, volatility is increasing. The Bollinger Bands highlight overbought conditions on the previous surge to $40.28.

The $40.28 level has become a strong level of resistance. Breaking beyond the sell order cluster at this point will require a decent injection of buying volume. Despite this, looking at the Chaikin Money Flow (CMF) shows there’s little chance of an immediate bullish flip from this position. This indicates -0.17, meaning selling pressure has dried up.

Despite challenges, notwithstanding challenges, INJ remains a potential contender on an upward trajectory. According to Captain Faibik’s analysis, sufficient holding above $35 may clear the way for the expected climb toward $60.

Related Reading | Coinbase Acquiring Cyprus-based Entity To Expand Derivatives Offering In EU