Injective (INJ) saw a whale selling 243,699 tokens, causing a 7.7% drop in price. Despite this, the network continues to experience explosive growth, with a surge in DeFi usage and strong social mentions in the AI finance sector. The long-term holder ‘0x41d’ cashed out $7.39M worth of INJ tokens accumulated between February 2021 and July 2022 at an average price close to $10.92, resulting in a profit of $15.21 million at an average recent sale price of $35.9. This highlights the significant gains for strategic long-term holders and their ability to influence token prices with concentrated sell-offs, emphasizing the importance of tracking whale activity to understand market dynamics.
The Injective network has seen a surge in daily transactions, from 1 million in mid-2023 to over 5 million by late 2024, indicating a rise in adoption and usage of its DeFi and blockchain utility applications. This growth reflects Injective’s increasing importance in the market, showcasing its scalability and performance within the DeFi ecosystem. Additionally, Injective has emerged as a leader in AI finance, ranking at the top of LunarCrush’s social activity list for AI-related cryptocurrencies, with over 12.75K social mentions. This recognition highlights Injective’s growing influence and traction in the blockchain and AI space, positioning it as a key player at the intersection of artificial intelligence and decentralized finance.
On the price front, INJ has seen a 37% rally, currently trading at $28.45 near the strong support level of $26.00 and facing resistance at $36.00. A move above $28.50 could signal bullish momentum, while a break below $26.00 may bring downside risk. The technical analysis suggests a mixed picture for INJ’s price, with the stochastic RSI in the oversold region indicating a potential rebound, while the Money Flow Index shows balanced buying and selling pressure. The 37.7% upside potential lies in a rally towards $36.00 if the $26.00 support holds, with potential bearish continuation if support is breached.
In conclusion, the recent whale sell-off of INJ tokens has impacted the price but has not deterred the Injective network’s growth trajectory, driven by increased DeFi usage and social activity in the AI finance space. The long-term holder’s strategic move to cash out resulted in substantial profits, underscoring the importance of tracking whale activity to understand market dynamics better. With a surge in daily transactions and a strong presence in the AI finance sector, Injective continues to establish itself as a prominent player in the DeFi ecosystem, supported by its scalability, performance, and innovative offerings. As the price hovers near key support and resistance levels, investors will be watching for further price movements to capitalize on potential upside opportunities in the market.
