$INJ just ripped 8.9% to $8.24 on $23M volume, and the tape is worth a look.
Price flushed to $7.00 early today, then ripped straight back up to a $8.46 session high in a few hourly candles. That is a 20% round trip off the lows in one session. It is now consolidating just under $8.46, which is the obvious line. Holding above $8.00 keeps the recovery bid alive; losing it sends it back to $7.60 where the move started.
Volume on the rip was real, not a thin-book fakeout, and the alt season index sitting in the high 50s gives this kind of move room. Injective is one of the few L1s with derivatives baked into its DNA, so it tends to lead when risk appetite returns.
$8.46 is the number that matters now. Is the bid still there on the next pullback?
Price flushed to $7.00 early today, then ripped straight back up to a $8.46 session high in a few hourly candles. That is a 20% round trip off the lows in one session. It is now consolidating just under $8.46, which is the obvious line. Holding above $8.00 keeps the recovery bid alive; losing it sends it back to $7.60 where the move started.
Volume on the rip was real, not a thin-book fakeout, and the alt season index sitting in the high 50s gives this kind of move room. Injective is one of the few L1s with derivatives baked into its DNA, so it tends to lead when risk appetite returns.
$8.46 is the number that matters now. Is the bid still there on the next pullback?