$INJ ’s +12.21% is the result, not the cause. The real turning point came between September 19 and 20: the price climbed from 5.7 to 7.9, while trading volume surged from 92M to 293M. Volume tripled in a single day—that was the evidence of money flowing in. Today’s bullish candle closed at 8.5 on 213M in volume, simply confirming that breakout once again.
I’m watching two other numbers: it’s still -83.83% from its ATH, and down -5.82% over the past year. Those two negative figures suggest this rally hasn’t brought in the old holders. Between 8.5 and the ATH lies a low-turnover vacuum, but it also means any pullback could bring selling from holders looking to break even. The 30-day gain of +55.79% has already priced in some expectations.
What’s more concerning is October 8 to 9, when the price plunged from 8.09 back to 6.75 in just two days—fast and deep. That kind of pullback shows that support is still too shallow. If volume falls below 100M, the area around 8.5 could easily become the right shoulder of a double top.
For this view to hold, volume needs to stay above 180M and pullbacks must hold above 7.0. If it’s going to be invalidated, the deciding factor may not be the chart: will actual ecosystem usage fail to keep up with the narrative, or will token unlocks overwhelm buying demand? Which do you think will become a problem first?
I’m watching two other numbers: it’s still -83.83% from its ATH, and down -5.82% over the past year. Those two negative figures suggest this rally hasn’t brought in the old holders. Between 8.5 and the ATH lies a low-turnover vacuum, but it also means any pullback could bring selling from holders looking to break even. The 30-day gain of +55.79% has already priced in some expectations.
What’s more concerning is October 8 to 9, when the price plunged from 8.09 back to 6.75 in just two days—fast and deep. That kind of pullback shows that support is still too shallow. If volume falls below 100M, the area around 8.5 could easily become the right shoulder of a double top.
For this view to hold, volume needs to stay above 180M and pullbacks must hold above 7.0. If it’s going to be invalidated, the deciding factor may not be the chart: will actual ecosystem usage fail to keep up with the narrative, or will token unlocks overwhelm buying demand? Which do you think will become a problem first?