Injective Wallet (INJ) sets a record – Bulls "accumulate" before the price breaks through to 34 USD?

Injective (INJ) is becoming the focal point for investors as it has just recorded a record growth in the number of wallets in Accumulation, while the price is testing the strategic resistance level around 16 USD. In particular, the news about CBOE officially filing for the listing of the Canary Capital Staked INJ ETF with the Securities and Exchange Commission of America (SEC) has added a strong catalyst for the expectation of a breakthrough in the short and medium term.

Price Action and Technical Setup

At the time of writing, INJ is trading around 15 USD, just below the key resistance level at 16.12 USD, coinciding with the 1.0 Fibonacci extension level. This is considered a "technical pivot point" that could shape the next direction of this coin.

According to analyst Ali Martinez, INJ has been forming an ascending triangle structure since the beginning of April, reflecting an increasing accumulation of buying pressure. In terms of key levels, the area of 16.12 USD is identified as resistance that must be broken to confirm the upward momentum, while 13.46 USD serves as the main support – if broken, the price could enter a deeper correction scenario.

In the event of a successful breakout, the next targets are set at 20.27 USD, 22.83 USD, and 27.11 USD. Overall, INJ maintaining above the 16 USD level is not only technically significant but also a "signal of confidence" for the market, opening up the possibility of initiating a new bullish wave.

Short-term pullback and demand zones to watch

After quickly breaking up to 16.5 USD, INJ has faced profit-taking pressure, causing the price to enter a short-term pullback. According to analyst Crypto Eagles, the 14.2–14.5 USD range currently serves as a strategic support area, where buying pressure may re-emerge to support the price. He believes that if buyers successfully defend this area, INJ has the potential to bounce back above 15.5 USD and retest the resistance range of 16–16.5 USD.

On the contrary, analyst Smith presents a more optimistic view, considering the current correction merely as a consolidation step in the upward trend. He forecasts that if INJ decisively breaks the 16 USD threshold, this coin could initiate an extended growth cycle, with the potential to increase by +120% towards 34 USD.

Overall, these analyses indicate that market sentiment still leans towards the buying side, and short-term corrections are likely to serve only as a catalyst for re-accumulation before the upward trend continues.

On-chain data – Record increase in accumulation wallets

One of the important indicators reinforcing the bullish outlook for INJ comes from on-chain data provided by Gemtoast. Accordingly, the number of accumulating INJ wallets has maintained a continuous upward trend over the past two months and has now surpassed the milestone of 4,000 wallets – a record high.

In addition, the number of new wallets created daily has also seen spikes, reflecting the influx of new investors. The data chart clearly illustrates this, with the red bars representing the total number of wallets in Accumulation and the purple bars recording the number of new wallets created each day.

This trend shows that INJ not only attracts the interest of short-term traders but also gains the trust of long-term investors. Notably, stable wallet accumulation is often seen as an early signal for the formation of a sustainable growth cycle.

ETF News – Organizational Catalyst

In addition to technical factors and on-chain data, news about the Canary Capital Staked INJ ETF is emerging as a potential catalyst for the upcoming trend of Injective.

According to the latest information, CBOE – one of the largest options exchanges globally with a nominal volume exceeding 2 trillion USD per month – has officially submitted an application to the SEC to list an ETF linked to INJ. This move not only demonstrates the growing interest from traditional financial institutions but also opens up opportunities for Injective to access institutional capital – a factor often regarded as the "golden key" that helps an asset break through and maintain a long-term position in the market.

If this ETF is approved, it could significantly change the current landscape, turning INJ from a potential altcoin in the DeFi ecosystem into a recognized asset at the traditional financial level, with the ability to attract both short-term and long-term capital flows from institutional investors.

Overview Prospects

The synthesis of technical signals, on-chain data, and catalysts from ETFs, the outlook for INJ can be divided into three distinct time layers. In the short term ( 1–2 weeks ), the price is likely to fluctuate within the range of 14.2–16.5 USD; if the support area at 14.2 USD is defended, INJ may bounce back to 15.5–16 USD to retest resistance.

In the medium term (1–2 months ), a decisive and sustained breakout above 16 USD will pave the way for a target of 20–27 USD, aligning with the extended Fibonacci levels and an important psychological zone.

In the long term (3–6 months), with the accumulation wallet trend steadily increasing, community confidence improving, and the ability to attract institutional capital through ETFs, INJ could aim for 30–34 USD – equivalent to an increase of about +120% compared to the current level – as long as the upward structure is maintained and there is no breakdown below key supports.

Itadori

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