Injectable (INJ) may be on the verge of a potential price rally due to a recent wave of accumulation by crypto whales. This will undoubtedly be a much-needed relief for the INJ token, which has fallen significantly over the past seven days.
Crypto whales buy $24.8 million worth of INJ
Data from market intelligence platform Santiment shows Whale Addresses recently bought $24.8 million worth of INJ, bringing its total holdings to 10.69 million INJ. This purchase is significant given the impact of crypto whales on the market. Hence, a purchase of such magnitude could give INJ’s price a much-needed boost.
Injectable, like the broader crypto market, has been in a steady decline over the past week, down more than 14% over that period. Crypto tokens have also had a reversal of fortune, as they are currently down more than 9% year-to-date (YTD). This is shocking for a token that has gained 3000% in 2023 and has even surpassed Solana (SOL), whose rally was one of the major talking points of last year.
However, such a large correction was expected for the price of INJ, which enjoyed a sustained rally last year, suggesting that it may have been overbought at some point. A price drop like this is necessary for the crypto token to re-establish itself and make another upward move.
Injection may follow the route of Solana
Crypto analyst Crypto Donna recently suggested that Injective could follow a similar path to SOL’s price action in 2021. At that time, SOL was said to be stuck in the $20 and $40 price range for more than 100 days. However, just when everyone was ready to give up on SOL, it ran rampant and its price increased tenfold.
A crypto analyst expects something similar to happen with INJ’s price, saying it will probably be closer to 10x. Injective, being an AI (artificial intelligence) coin, is likely to continue to gain attention during the latter stages of this bull run. This may reflect positively on its price as more liquidity will flow into its ecosystem.
The recent buying of this crypto whale underscores the bullish sentiment towards the crypto token despite its current lackluster price action. Members of the INJ community have also expressed optimism about the future path of the token, especially with Crypto Donna, whose price is still going through triple digits.
At the time of writing, INJ is trading around $32, down less than 5% over the past 24 hours, according to data from CoinMarketCap.