Injective (INJ) Could Be the Sleeper Hit of This Alt Season – Here's Why the INJ Price Could Rally 50%

Injective (INJ) is back on traders' radar as it starts to show signs of breaking out of a long-running downtrend.

Injective (INJ) has been a hot topic in crypto circles lately. The asset is showing signs of breaking out of a long-running downtrend, which could open the door for a substantial rally.

Crypto Captain Faibik highlighted this setup on X, noting that INJ price looks ready to break above its descending channel. That's interesting in itself, but it becomes more pressing given that the chart structure is setting up a potential mid-term opportunity.

Injective Has Been Hitting Lower Highs and Lows Since Late 2023

Technical analysis of INJ price on the daily timeframe reveals that the asset has moved within a descending channel since late 2023. This pattern includes consistently lower highs and lower lows. The upper trendline has served as a strong resistance, while the lower boundary has offered reliable support.

In recent weeks, INJ rebounded from the lower boundary of this channel. Price has since moved upward, approaching the upper trendline once again. Traders are watching closely for a confirmed breakout, which could signal a transition from a bearish structure to a bullish trend.

Midterm Accumulation Could Be Interesting

"Maybe interesting to keep an eye on Injective here. Looks promising for the channel breakout and it could be a good time to start accumulating INJ for the midterm. They're also covering the OI put on Monday which is interesting to see if they manage to follow through with it," said Faibik.

His post implies that market participants could be positioning themselves for a move higher.

A projected target from the current chart pattern suggests a potential upside of approximately 53%. This aligns with historical price levels in the $19 to $20 range. Such a move would follow a breakout above the channel's upper resistance, which lies near the $16.50 to $17.00 zone.

Moreover, INJ price lower boundary of the descending channel around $12.00 to $13.00 continues to serve as key support. Another support level can be identified at $11.50, where previous price reactions have occurred. On the upside, immediate resistance stands around $17.00, while the next potential area is between $20.00 and $21.00.

A sustained move beyond the resistance zone may attract further interest from traders who are watching for trend confirmations. Until then, the current price action remains at a pivotal point.

The post Injective Could Be the Sleeper Hit of This Alt Season – Here’s Why the INJ Price Could Rally 50%