The native token of Injective Protocol, INJ, has been stable for the past few months despite increased demand for the DeFi-focused community. The token increased to a high of $9.67, reaching its highest point since February 7. The token has raised more than 736% since it peaked in December.
What causes Injective Protocol to linger?
A rapidly expanding platform called Injective Protocol seeks to change the financial industry. It is, without a doubt, one of the few protocols intended to disrupt the financial sector. It achieves this by creating a platform for developers to develop top-notch dApps for the financial sector. The platform offers fast speeds and minimal transaction costs.
Several factors account for the INJ cryptocurrency’s strong bullish development. First, the developers are running a hackathon right now, and dozens of developers are submitting their work. Winners will receive money and mentoring from knowledgeable venture capital firms.
The other important piece of Injective information is that INJ tokens can now be staked liquidly. People can stake their tokens in a simple and decentralized manner thanks to liquid staking technology.
Customers can withdraw their tokens before the maturity period through liquid staking. Stride, a leading Lido DAO alternative for the Cosmos ecosystem, enables this stake. Its total locked value (TVL) is more than $25 million. More than 99% of voters favoring liquid staking, which attracted 57% of token holders, cast their ballots. Injective offers an APY of 16.2% this year, while over 35.2 million bonded tokens are now available.
Worth predicting INJ
The daily chart shows that the INJ value has been experiencing a strong bullish development over the past few months. The token could move above the crucial psychological thresholds of $8, $6, and $5 because it rose. Additionally, it has risen above all moving averages.
Oscillators, however, indicate that the token has become highly overbought. As a result, at this point, a risk/reward analysis suggests that investing in the coin is a little risky. Therefore, there is a chance that it will pull back and retest the critical support level at $4.91, which is almost 46% below the current level.
