Summary
TLDR: INJ token shows consolidation pattern, on-chain metrics suggest potential price surge towards $40. Daily active addresses and network growth increasing, indicating growing user engagement. Holders at a crossroads with many in profit range. Price prediction of $40 possible if bearish indicators cool, but technical indicators show bearish sentiment. Market momentum will determine if INJ can reach $40 or retest key support at $30.
Key Points
1. The Injective (INJ) token is exhibiting a consolidation pattern, prompting market enthusiasts and traders to closely monitor on-chain metrics for potential price movement towards the $40 mark.
2. Recent data shows a significant consolidation phase for INJ, with steady network growth and an increase in daily active addresses, indicating potential user engagement and accumulation phase.
3. Injective Holders are at a crossroads, with many addresses bought in the $23 to $31.50 range. The Global In/Out of the Money (GIOM) data suggests a notable congregation of ‘In the Money’ addresses within this range, with the potential for more holders to profit if the price moves upward.