Injection (INJ) is on the way to its positive movement and is experiencing a surge in its price, in line with the crypto market. INJ is currently trading inside a textbook triangle pattern, which often leads to a bullish reversal. If a successful breakout occurs, it will lead to a maximum profit zone around the $20 area.
At the time of writing, INJ is trading at $14.40 with a 24-hour trading volume of $250.9 million and a market cap of $1.44 billion. The INJ price over the 24 hours is up by 11%, and over the last week is up by 1.34%, showing high potential for the next major rally.
Injective breakout could trigger rally toward $20
A prominent crypto analyst highlighted that Injective (INJ) is approaching a make-or-break point as the token remains spiraling within a canonical ascending triangle formation, having price action solidly capped by resistance in the $15.50 to $16.00 region. The technical formation historically calls for an upside breakout; however, time is running out as the consolidation region continues to shrink.
Technicians note that if INJ becomes stalled near resistance without a clear breakout, momentum builds for a loss. Without continuation by the buy-side, the token would fall back to the September $12–$13 demand area, breaking down weeks of consolidation. Such formations as ascending triangles can’t go on forever, and by the end of August, Injective will have to choose conclusively one way.
For the time being, bulls remain in control, as the series of higher lows continues to pin price against the ceiling of resistance. A definitive breakout above $16 would most assuredly instigate prompt upside to the $18–$20 area in response to technical momentum and revived buying confidence. If the price fails to break through resistance soon, the pattern could turn into a breakdown, shifting traders’ focus to support areas for the next potential rebound.
