The revolutionary AI-driven finance Blockchain, Injective (INJ), has reached a significant milestone with its token price soaring to an all-time high of $39.97. This surge is also indicative of a notable rise, with INJ whales opting to take profits, benefiting from a strong 64% weekly gain.
While Bitcoin traded sideways last week, INJ demonstrated an impressive ascent, climbing 147% in the past month and 64% in the preceding week. This rise occurred despite the profit-taking activities of large wallet addresses, highlighting INJ’s resilience and independent market dynamics.
Despite a correction from the peak to $39.44, on-chain metrics for INJ remain optimistic, forecasting further potential price increases. Notable transactions, especially those over $100,000, showed an uptick from December 4th to 19th, aligning with profit-taking activities as seen in the Network Realized Profit/Loss metric.
When examining supply dynamics, the token’s presence in exchanges saw an increase between December 17th and 19th. However, when compared to the last six months, the supply remained relatively restricted. Despite a marginal increase in exchange inflows, significant rises in selling pressure are not anticipated.
In conclusion, Injective’s recent peak at $39.97 reflects its durability and market dominance. On-chain metrics, marked by profit-focused transactions and favorable supply dynamics, suggest a solid foundation for sustainable growth. As network growth aligns with bullish narratives, the altcoin INJ is well-positioned for a continuous upward trajectory in the dynamic crypto environment.