Injective (INJ) Price Analysis: Decisive Breakout Above $50 or Pullback to $35?

 Key Insights: 

• Injective (INJ) price posted another positive showing on Dec 20, with a $44 retest bringing its yearly gains to 3,200% for 2023. 
• As crypto investors increasingly switch focus to altcoin markets to amplify gains, INJ has emerged as one of the biggest gainers. 
• On-chain data trends reveal that the latest INJ price upswing appears to have been triggered by the Top 100 largest Injective investors doubling down on their holdings. 

Injective (INJ) price hit another all-time high of $44 on Wednesday, Dec 20, 2023, bringing its gains for the year to a staggering 3,200%. On-chain analysis explores how the largest investors in the Injective ecosystem began increasing their holdings once INJ crossed its previous all-time peak of $22. 

Will the Injective whales’ sudden shift in trading sentiment trigger a breakout above $50?

Top 100 Largest INJ Holders Invested Another $20M In the Last Two Weeks

Injective (INJ) price experienced a yet another upswing on Wednesday as investors continue channel capital toward the crypto altcoin markets.

Positioned firmly at the intersection of the crypto AI and decentralized finance,  INJ has emerged one of best performing digital assets of the year, 2023 with 3,200% price gains so far. 

On a more interesting note, a vital on-chain indicator has revealed that corporate entities and high net-worth investors appear to have taken on a more bullish position on INJ in recent weeks. 

According to, Santiment, a prominent on-chain data tracker, the top 100 Injective wallets have ramped up their buying spree this week. 

As depicted in the chart below, the top 100 largest wallets held a total of 96.63 million INJ as of Dec 8. But since then, they have since rapidly accumulated another 460,00 INJ, bringing their cumulative balances to 97.06 million INJ at press time on Dec 20. 

Intuitively, the Supply Held by Top Addresses metric is a real-time snapshot of the aggregate balances currently held in custody of the blockchain ecosystem’s largest investors.

Typically, when largest wallet addresses increase their balances during a price rally as observed above, it is often interpreted as a strong bullish signal. 

Firstly, it indicates a buying trend among the largest stakeholders within the cryptocurrency’s ecosystem. And given that this is happening in the middle of a market rally, it suggest that the bullish whales are targetting another INJ price leg-up. 

Importantly, the historical accumulation trends shows that the whales had been taking profits since late May 2023 when the INJ price rally first began. But interesting, as INJ price crossed the previous all-time high of $22 around Dec 10, the whales instantly switch back to buying mode.

The 460,000 INJ they’ve acquired between Dec 10 and Dec 20 is worth approximately $20 million when valued at the current price of $43.4 per coin. 

Forecast: Can Injective (INJ) Price Reach $50? 

With the Injective whales having joined forces with the long-term bullish retail traders, Injective (INJ) price is now highly likely to reclaim $50.

And from a technical analysis perspective, the Golden Cross phenomenon remains in play for INJ, further affirming the bullish price forecast. 

The Golden Cross is a bullish technical analysis pattern that occurs when a short-term moving average (e.g., 7-day) crosses above a long-term moving average (e.g., 30-day). 

The chart below shows, that Injective’s 7-day SMA Price is trending at $33.7, which significantly higher than the 30, 50, 100, and 200-day averages respectively. 

In simple terms, it signals that traders despite, 3,239% gains in 2023,  are still currently willing to pay more for the INJ than in previous weeks. 

If the bulls capitalize on this positive momentum, they could drive the INJ price well-above the $50 territory. However, the $45 could form a major psychlogical resistance zone. 

But if bullish impact of the top 100 whales’ buying pressure kicks in as observed in the past week, the bulls could garner enough momentum to smash through that $45 resistance zone. 

In the case of a pull-back, the bulls can rely on the 7-day SMA price of $33 for significant  support.