Today, Injective Protocol (INJ) experienced a significant surge in price, increasing by 14.048% to $9.35. This growth in price may be attributed to the strong activity that the project has been showing lately, including being ranked #1 on LunarCrush’s AltRank™, which combines social and market activity.
Notably, Injective is standing out today with very strong activity according to the LunarCrush AltRank™. Read the tweet below to learn more:
📊 #Bitcoin has just fallen back below $30k to open the new week (UTC). Our new insight analyzes how #FOMO plays a big role in when tops hit, how prices historically move the opposite direction of the crowd's expectation, and #stablecoin retail money. 🤑 https://t.co/HIegRal5za pic.twitter.com/X7KsGjv0IT
— Santiment (@santimentfeed) April 17, 2023
Moreover, the project has seen a substantial increase in social mentions, with a 94.39% growth in total social mentions, which reached 16.44K. Additionally, total social engagements grew by 96.59% to 46.45M. The project has also seen growth in the number of social contributors per hour, which increased by 64.29%.
All of these factors indicate a strong interest and engagement among cryptocurrency enthusiasts in Injective Protocol. It seems that the project may continue to attract attention and investment in the near future.
INJ technical outlook?
From a technical perspective, INJ has been showing signs of a bullish trend. It recently bounced off its 20-day moving average and is currently trading above its 50-day moving average, indicating that the short-term trend is positive.
Source: Tradingview
Moreover, INJ has seen a significant increase in trading volume during its recent price action, suggesting that there is strong buying interest in the market. This increase in volume is often seen as a confirmation of price movements, which in this case is a positive signal for the project.
However, it is important to note that cryptocurrency prices are highly unpredictable, and technical analysis only provides a snapshot of the current market conditions. It is important to consider other factors such as project development, market sentiment, and news events when making investment decisions.
In conclusion, Injective Protocol (INJ) has been showing strong signs of activity recently, both in the market and on social media platforms. With a #1 LunarCrush AltRank™, significant increase in social mentions and engagements, and an upward price movement of 14.048% to $9.35, INJ appears to be in a bullish trend.
