INJ jumps almost 27% in a week.

The cryptocurrency Injective (INJ) has had a positive performance in 2023, with a nearly 500% increase in price since the beginning of the year. This significant rise makes INJ one of the best-performing assets of the year.

Over the past week, the value of the INJ token has continued to rise, increasing by more than 26%.

Injective Price Records Daily 8% Gain – Price Action

The native token of the Injective ecosystem, INJ, has maintained its recent bullish momentum, with an 8.3% increase in the last 24 hours. At the time of writing, the token is valued at $7.53, according to data from CoinGecko.

However, when looking at the broader market, the price of INJ has been range-bound for the past few weeks, with the price mostly moving sideways since reaching a yearly peak of $9.32, although it is still up 19.2% from its 2023 high.

Given the current market conditions, it is difficult to determine which overall trend is forming, and the on-chain indicators appear indecisive. The token rebounds at the $6 price point, which is acting as a support zone.

INJUSD trading at $7.513 | Source: INJUSD chart from TradingView

The INJ token has a market capitalization of nearly $600 million, making it the 73rd largest cryptocurrency. Additionally, the coin has a trading volume of roughly $75 million in the past 24 hours, representing an increase of 131.2%.

CoinCodex, a price prediction site, currently has a bullish sentiment surrounding INJ. The team expects the token to maintain its bullish run and gain a further 13.08% in the next five days, trading at $8.59.

CoinCodex also makes a bold prediction of INJ reaching a market price of $16.72 in the next 30 days, indicating a plausible 126.25% increase from its current price.

Injective Protocol Continues To Make Positive Waves

The decentralized Injective protocol has been on the rise since the beginning of 2023, evolving in innovation and adoption. These developments have contributed to the positive sentiment surrounding its token (INJ), resulting in price growth and enhanced activity on the Injective blockchain.

On June 23, Injective announced that it had reached 240 million transactions on its network, which is significant evidence of the growing popularity of the decentralized blockchain.

Another recent development for Injective is the Open Liquidity Program (OLP), launched on June 13. This program allows Injective users to provide liquidity on the protocol’s on-chain orderbook infrastructure while earning INJ rewards. Eligible participants can earn 60,000 INJ tokens within 28 days.