Injective Dominates with $2.18 Billion in Top Wallets, Reaching New Peaks

• Over 85% of $INJ supply held by the top 3 wallets, highlights concentrated ownership.
• INJ’s price surge of 83.85% in a week, coupled with strong technical indicators, points to continued bullish momentum.

Injective, a rising star in the cryptocurrency market, has made headlines with its remarkable surge. As highlighted by Santiment, an analytic platform, since mid-October, Injective has seen its market cap rank soar to 36. This ascent comes after an impressive 254% increase in its value. 

Notably, the bridge wallet of Injective holds over two-thirds of the available $INJ tokens. Additionally, the top three wallets collectively possess 85.6% of the supply, valued at a staggering $2.18 billion.

Rekt Capital, a renowned analyst, pointed out that the cryptocurrency has recently reached new All-Time Highs, entering a phase of price discovery. Injective has revisited its last major resistance point. To continue its upward trajectory, it needs to transform this red resistance into support. This move is crucial for rallying to new All-Time Highs. Until then, INJ will likely oscillate within the orange-red price range.

The price of Injective (INJ) has recently experienced significant growth, currently standing at $31.70. Over the last 24 hours, it has seen a 31.42% increase, and in the past week, the surge has been even more remarkable at 83.85%. With a circulating supply of 84 million INJ, Injective’s market cap is now $2,674,441,574.

The trading volume for Injective has shown significant spikes, indicative of strong buying interest. These volume bars are color-coordinated with the price candlesticks at the chart’s bottom. This pattern usually signals a robust market response.

Regarding technical indicators, the Relative Strength Index (RSI) is hovering around 72.87. This figure is just above the overbought threshold of 70, suggesting potential overbought conditions. However, the KST (Know Sure Thing) oscillator, placed below the RSI, displays a positive trend. This indicates a bullish momentum, supporting the idea of continued growth for Injective.

Injective’s recent market performance has been nothing short of impressive. The cryptocurrency has not only broken previous records but also shown strong indicators of further growth. Its hold on a significant portion of the market cap and the bullish trends in technical indicators underscore its potential for continued success in the dynamic world of cryptocurrencies.