✨Whale Watch: Big Players Splash $24.8 Million on Injective (INJ) Tokens💰
Injective's price took a tumble below the $35 mark, hitting a low for the month. But fear not, as the big fish in the crypto sea might just be steering the ship toward recovery.
Injective's price is currently hovering around $34, down over 16% in the past week. Despite this dip, there's been a surge in network activity, evident from the spike in daily active addresses (DAA).
Now, when the price drops but DAA rises, it's often a signal to buy. And that's exactly what seems to be happening with Injective, flashing a buy signal over the past week.
This caught the attention of crypto whales, who wasted no time diving in. In just one day, they snapped up over 740,000 INJ tokens, worth a hefty $24.8 million. This boosted the stash in whale wallets to 10.69 million INJ.
We all know that when whales make moves, the market feels the ripple effects. Accumulation tends to drive prices up, while selling can send them plunging.
And with all this recent accumulation, it's likely to impact INJ's trajectory too.
What's Next for Injective?
Injective is eyeing that crucial $35 resistance level. If it can break through and turn it into support, we could see a nice recovery, possibly pushing INJ up to $40.
But if it fails to breach resistance and the broader market remains bearish, we might see INJ drop to $30. And if it slips below that, brace for a potential tumble down to $28.
So, keep your eyes peeled as Injective rides the waves of crypto whale activity! 🐋📈