Crypto Whales Are Back; This Time, They Have Dumped INJ, the Native Token of the Injective Protocol

This whale move did not affect the token's uptrend, and the INJ price rallied over 20% this week.

A large cryptocurrency holder has sold 243,699 INJ tokens on the centralized exchange (CEX) Bybit and decentralized exchange (DEX) CowSwap over 12 hours.

The tokens are valued at $7.39 Million at press time. Notably, the holder acquired most of these tokens between February 2021 and July 2022 at an average price of $10.92.

As the average price of the tokens sold in 2023 and 2024 was around $35.9, this sale resulted in a 2.3X return in 3.5 years, leading to an estimated profit of $15.21 Million.

The massive selloff by the whale had a short-lived impact on the Injective Token (INJ). The token price dropped by 7.7% during this period. However, the INJ price recovered quickly and recorded an almost 20% surge in a week.

That replicates the bullish sentiment among the market participants. At press time, the Injective crypto exchanged hands at $29.65. The token’s price noted a surge of over 3.90% over the past 24 hours. Its market cap soared to $2.93 Billion, ranking 49th among the top crypto coins.

An analysis of the INJ price movements on the daily chart revealed a bullish outlook. The token price bounced off the 61.8% Fibonacci level ($27) and displayed a sustained uptrend.

Moreover, the Relative Strength Index (RSI) on the daily timeframe signaled bullish momentum as it rose to 62. That indicated more room for further upward movement.

However, traders should be cautious as the token nears overbought conditions. Also, the Moving Average Convergence Divergence (MACD) indicator plotted green histogram readings, indicating a bullish crossover on the chart. These bullish indications align with the idea of further upside potential.

The immediate support levels for Injective Crypto were $27 and $25. At the same time, the resistance levels were $31 and $33.