The rise in cryptocurrencies that began last year reached a peak in March, marked by notable fluctuations. Particularly, Injective (INJ) surged above $50 and now trades above $22. Investors are hoping for further price increases, though whales, large holders of the cryptocurrency, might influence the outcome.
How Are Injective Whales Behaving?
Injective’s price, despite a generally strong market outlook, continues to consolidate due to investor uncertainty. Whale transactions, even those indicating upward movements, have not led to a rising trend. Transactions over $100,000 have averaged below $3 million monthly, whereas whales used to conduct daily transactions between $10 million and $12 million, causing individual investors to act cautiously.
What Could Drive Future Price Movements?
Despite the current scenario, the positive sentiment among INJ investors could potentially mobilize whales in the future. The average age of cryptocurrencies has been consistently rising since mid-June, suggesting that investors are holding INJ for longer periods. A decline in this indicator might indicate that investors are moving their assets, possibly leading to price changes.
Key Insights for Investors
- Whale transactions under $3 million could signal cautious market behavior.
- Rising average age of held cryptocurrencies indicates long-term holding strategies.
- A drop in this average age might predict forthcoming price movements.
Injective’s current price stands above $22, marking $21 as a new support level, which could foster future increases. However, whale sales might disrupt this upward trend, leading to horizontal price movements. If the consolidation period persists, INJ could fluctuate between $21 and $28. Should the upward momentum continue, a breach past $28 could transform this level into support, potentially pushing prices beyond $30, a level not seen in the past three months.