The remaining locked INJ tokens are set to be released into the market by January 21. According to an analyst, there’s a bullish flag formation for INJ, suggesting a potential surge beyond $60. To confirm this breakout, INJ must overcome the resistance at $40.28.
Injective (INJ), a layer-one blockchain, is getting ready for the last step of unlocking its tokens, as shared by the Token Unlocks handle on X. As per the information, the complete unlock of INJ tokens is scheduled for January 21.
A total of 3.66 million tokens are about to be released, making it so that the entire supply of INJ tokens, which is 100% of the total, will be in circulation.
🚨 Final Cliff Unlocks Alert 🚨
Mark your calendars for January 21, 2024$INJ will be fully unlocked (100%)
Get ready for the massive cliff unlocks.
🪙 3.66 m tokens
💰 132.4 m dollars
🌀 4.35% of cir. supplyAllocations:
– Advisors: $12.04 m
– Team: $120.37 m$INJ was… pic.twitter.com/EYCyv4hsuC— Token Unlocks (@Token_Unlocks) January 7, 2024
Injective’s (INJ) Token Unlock and Potential Market Impact
As of now, approximately 83.75 million INJ tokens are already in circulation. If the upcoming 4.35% token unlock takes place, the entire circulating supply would reach 100 million. This unlocking event provides an opportunity for those who missed INJ’s impressive price journey to get involved, with the current price standing at $37.70.
It’s worth noting that INJ’s All-Time High (ATH) was $44.61 on December 26, 2023, showcasing a remarkable 3,515% increase since its launch in 2020. Despite a 100% increase in the last 30 days, INJ experienced some impact from the market crash on January 3.
Anticipation surrounds the token unlock event, with some market participants speculating that it could trigger another rally. Analyst Captain Faibik, for instance, highlighted a bullish flag formation for INJ, suggesting a potential rise above $60.
$INJ Bullish Flag Formation..!!
Seems lie Ready for Another Bullish Rally.#Crypto #InjectiveNetwork #INJ pic.twitter.com/OcPsNJ7laX
— Captain Faibik (@CryptoFaibik) January 6, 2024
The chart analysis indicates two rallies separated by a brief consolidation period, hinting at the possibility of a continuous uptrend with higher highs and higher lows.
INJ Price Analysis: Post-Crash Evaluation and Resistance at $40.28
The market crash on January 3 initially led to a decline in INJ’s price, reaching $33.55. Analyzing the 4-hour INJ/USD chart revealed a noticeable increase in volatility.
Observations from the Bollinger Bands (BB) indicated that the previous surge to $40.28 had rendered INJ overbought. Although the upper band of the BB touched INJ at that price, significant price fluctuations were still expected.
However, $40.28 has now transformed into a major resistance level. Flipping this level requires a substantial influx of buying pressure to overcome the existing cluster of sell orders.
INJ/USD 4-Hour Chart (Source: TradingView)
The Chaikin Money Flow (CMF) suggests a lower likelihood of a quick bullish turnaround, registering at -0.17 and indicating an increase in selling pressure.
Despite the current conditions, INJ remains a potential candidate for an upward move. Sustaining a price above $35 might pave the way for the predicted move towards $60, as suggested by the analyst.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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