The altcoins are back to performance with most AI tokens gaining ground

Injective completed an inverse head and shoulders pattern on the daily timeframe, and a breakout verified at the $11.16 level.

Injective [INJ] and Artificial Superintelligence Alliance [FET] were among the best-performing altcoins on Thursday, as most AI tokens continued to gain ground after potentially completing their correction.

Most of the top 10 cryptocurrency tokens traded in the green on Thursday morning, with small gains in Bitcoin [BTC] and Ethereum [ETH].

However, a closer look revealed that several altcoins were displaying substantial gains, notably Injective, which soared over 10% in the past 24 hours.

Among the top 15 cryptocurrencies, INJ was the best performer, displaying an 11% surge in the past 24 hours.

At the time of writing, INJ was trading at $15.09.

What drove INJ price up?

Injective completed an inverse head and shoulders pattern on the daily timeframe, and a breakout from the neckline occurred at the $11.16 level.

After breaking above the neckline, INJ experienced a significant surge, rising 12% in a single day. The volume followed suit, with a 87% daily increase.

Chart by TradingView

The price crossed both the 50-day EMA at $10.81 and the 100-day SMA at $11.16, continuing its upward trajectory. This indicated that the momentum was bullish, and the trend could persist.

As trading activity escalated following the breakout, it demonstrated the strength of the structure after the crossover of the 50-day EMA and the 100-day SMA.

If Injective’s price manages to remain supported by the neckline and both averages, it could continue its upward movement and test the $16.50 to $17.00 level in the short term.

However, a failure to maintain support above $15.00 might trigger a decline back to $12.80 or, in a deeper retracement, the 100-day SMA, currently around $11.16.

If that level is breached, the bullish setup would likely be invalidated, paving the way for further downside potential.

At the same time, the statistics showed that over 95% of respondents believed JasmyCoin [JASMY] and Injective were poised for growth in the coming weeks.

Due to the strong investor conviction, INJ was performing well after ongoing media appearances, keeping the project in the limelight.

There were also sentiments of 94.90%, 94.70%, and 93.40% for Jupiter [JUP], Virtuals Protocol [VIRTUAL], and Cardano [ADA], respectively.

With both INJ’s high ratings and the momentum, there was a real chance that the protocol’s ecosystem could grow in the long term.

Injective’s annualized volume for iAssets

The media presence also helped. Ongoing exposure, including Eric Chen’s recent appearance on CNBC, keeps INJ in the spotlight, boosting investor confidence.

On top of price action, Injective recently hit $2 billion in annualized trading volume for its tokenized assets (iAssets).

These include tokenized stocks and real-world assets (RWAs), key growth areas that are drawing interest from institutions and retail traders.

An increase in institutional interest could bring upside movement to INJ. However, future growth depended on the network attracting users and the overall market improving.