Crypto whales have recently purchased a significant amount of Injective (INJ), totaling $24.8 million. This accumulation by whales is expected to play a vital role in the recovery of INJ’s price, which recently experienced a drop below the $35 support level.
Currently trading at $34, INJ has corrected by over 16% in the past week. However, network activity, measured by daily active addresses (DAA), has increased during this period. This rise in DAA, combined with the price drop, indicates a potential buy signal for Injective.
Recognizing this opportunity, crypto whales took advantage of the price dip and acquired over 740,000 INJ within a single day. This accumulation increased the supply in crypto whale addresses to 10.69 million INJ.
It’s important to note that the actions of crypto whales often have a significant impact on prices. During accumulation phases, prices tend to rise, while periods of selling lead to price declines. Given the recent whale accumulation in INJ, it is likely to have an impact on its price.
Looking ahead, if INJ manages to break through the $35 resistance level and establish it as support, a recovery could be in sight, potentially driving the price towards $40. However, if INJ fails to break the resistance and bearish market factors prevail, the price may decline to $30. Falling below this support level would invalidate the bullish outlook, potentially causing a further drop to $28.