INJ’s rally this round is not driven by price alone: Public Binance data at 11:36 (UTC+8) showed spot at 8.961 USDT and perpetuals at 8.952 USDT for $INJ , up 21.84% and 21.78% respectively over 24 hours. Perpetual trading volume was approximately 178 million USDT.
The previous full 1-hour candle rose from 8.697 to 9.116, a gain of 4.82%, with a high of 9.190. Trading volume was approximately 30.36 million USDT, up 164.52% from the prior hour. The latest four full hours saw a cumulative gain of 6.92%, with trading volume 2.37 times that of the preceding four hours. The expansion in price and volume is continuing, but the current price is already about 1.80% below the previous hour’s close.
Open interest by quantity increased 5.68% over the latest hour and 15.75% cumulatively over the 30-point window. Both the indicated funding rate and the latest settlement rate were +0.0100%, not yet at an extreme positive level. The concurrent rise in price, trading volume, and open interest suggests increasing leverage participation, but open interest cannot determine whether new positions are net long or net short, and normal funding rates do not mean pullback risk has disappeared.
I view 9.190 as a short-term confirmation level. Only if a subsequent full 1-hour candle holds above that level, while trading volume and open interest do not fade rapidly, would that support a continued test of higher ranges. If the price falls back below 8.636 alongside a contraction in open interest, I would prioritize treating it as deleveraging after a spike. The current hourly candle has not closed, so an intrahour surge should not be treated as a substitute for confirmation at the close.
The previous full 1-hour candle rose from 8.697 to 9.116, a gain of 4.82%, with a high of 9.190. Trading volume was approximately 30.36 million USDT, up 164.52% from the prior hour. The latest four full hours saw a cumulative gain of 6.92%, with trading volume 2.37 times that of the preceding four hours. The expansion in price and volume is continuing, but the current price is already about 1.80% below the previous hour’s close.
Open interest by quantity increased 5.68% over the latest hour and 15.75% cumulatively over the 30-point window. Both the indicated funding rate and the latest settlement rate were +0.0100%, not yet at an extreme positive level. The concurrent rise in price, trading volume, and open interest suggests increasing leverage participation, but open interest cannot determine whether new positions are net long or net short, and normal funding rates do not mean pullback risk has disappeared.
I view 9.190 as a short-term confirmation level. Only if a subsequent full 1-hour candle holds above that level, while trading volume and open interest do not fade rapidly, would that support a continued test of higher ranges. If the price falls back below 8.636 alongside a contraction in open interest, I would prioritize treating it as deleveraging after a spike. The current hourly candle has not closed, so an intrahour surge should not be treated as a substitute for confirmation at the close.