Injective (INJ) is becoming the focus of investors as it recently recorded unprecedented growth in the number of accumulated wallets, while the price is retesting the strategic resistance level around 16 USD. Notably, the news that CBOE has officially filed to list the Canary Capital Staked INJ ETF with the U.S. Securities and Exchange Commission (SEC) has created a strong catalyst for the expectation of a breakout in the short to medium term.
Price action and technical setup
At the time of writing, INJ is trading around 15 USD, just below the key resistance level at 16.12 USD, coinciding with the 1.0 Fibonacci extension level. This is seen as a 'technical pivot point' that could shape the next direction for this coin.
According to analyst Ali Martinez, INJ has been forming an ascending triangle structure since early April, reflecting the increasing buying pressure. Regarding important thresholds, the 16.12 USD level is identified as resistance that must be broken to confirm the uptrend, while 13.46 USD acts as the main support – if breached, the price could enter a deeper correction scenario.
In the event of a successful breakout, the next targets are set at 20.27 USD, 22.83 USD, and 27.11 USD. Overall, INJ holding above the 16 USD level is not only technically significant but also serves as a 'signal of confidence' for the market, opening up the possibility of initiating a new upward wave.
Short-term pullback and demand zones to watch
After quickly breaking up to 16.5 USD, INJ faced profit-taking pressure, pulling the price into a short-term pullback. According to analyst Crypto Eagles, the 14.2–14.5 USD range currently serves as a strategic demand area where buying pressure may reappear to support the price. He believes that if buyers successfully defend this range, INJ could very well bounce back above 15.5 USD and retest the 16–16.5 USD resistance range.
Conversely, analyst Smith presents a more optimistic view, considering the current correction merely a consolidation phase in the uptrend. He predicts that if INJ decisively breaks the 16 USD threshold, this coin could open up an extended growth cycle with the potential to increase +120% towards 34 USD.
Overall, these analyses indicate that market sentiment still leans towards the buying side, and short-term corrections are likely only to serve as a reaccumulation phase before the upward momentum continues.
On-chain data – Record growth in accumulated wallets
One of the important indicators supporting the bullish outlook for INJ comes from the on-chain data provided by Gemtoast. Accordingly, the number of accumulated INJ wallets has maintained a continuous upward trend over the past two months and has now surpassed the milestone of 4,000 wallets – a record high.
Additionally, the number of new wallets created daily is also showing spikes, reflecting the influx of new investors. The data chart illustrates this clearly, with the red bar representing the total number of accumulated wallets and the purple bar recording the number of new wallets created each day.
This trend indicates that INJ is not only attracting the interest of short-term traders but also gaining trust from long-term investors. Notably, stable wallet accumulation is often seen as an early signal for the formation of a sustainable growth cycle.
ETF News – Institutional catalyst
Besides technical factors and on-chain data, news about the Canary Capital Staked INJ ETF is emerging as a potentially decisive catalyst for the upcoming trend of Injective.
According to the latest information, CBOE – one of the largest global options exchanges with a nominal volume exceeding 2 trillion USD per month – has officially submitted an application to the SEC to list the ETF linked to INJ. This move not only demonstrates the growing interest from traditional financial institutions but also opens opportunities for Injective to access institutional capital – a factor often seen as the 'golden key' to help an asset break out and maintain a long-term position in the market.
If this ETF is approved, it could significantly change the current landscape, transforming INJ from a potential altcoin in the DeFi ecosystem into an asset recognized at the level of traditional finance, with the ability to attract both short-term and long-term capital from institutional investors.
Overall outlook
The synthesis of technical signals, on-chain data, and catalysts from ETFs, the picture for INJ can be divided into three clearly defined time layers. In the short term (1–2 weeks), the price is likely to fluctuate within the range of 14.2–16.5 USD; if the demand zone of 14.2 USD is defended, INJ could bounce back to 15.5–16 USD to retest resistance.
In the medium term (1–2 months), a decisive breakout and hold above 16 USD will pave the way for targets of 20–27 USD, coinciding with the Fibonacci extension levels and important psychological zones.
In the long term (3–6 months), with the steadily increasing trend of accumulated wallets, improving community confidence, and the potential to attract institutional capital through the ETF, INJ could aim for 30–34 USD – equivalent to an increase of approximately +120% compared to the current level – as long as the uptrend structure is maintained and no significant breakdown occurs below key supports.