$INJ This 30-day +50% move doesn’t make me think a narrative is taking off. My gut says the funds that drove daily trading volume to $290M in mid-to-late September haven’t left; they’ve simply shifted to quietly accumulating around $7. To verify that hunch, we need to cross-check three things: whether volume has clearly contracted on pullbacks, whether a second support level with heavy turnover has formed around $8.4, and whether rebound volume can stay above the levels seen during the initial move.
So far, the market broadly supports this view. Volume fell steadily to $70–100M in early October, a textbook low-volatility accumulation zone. After retesting $6.75 on October 9, volume on the next two rally days rebounded to $195M and $294M, forming symmetrical volume peaks with the $293M recorded on September 20. Today’s -4.36% move on volume down to $134M can, for now, be seen as normal turnover after a rally. But if volume keeps declining over the next few days and the price breaks below support at $8.2, the accumulation thesis will have to give way to a more realistic explanation: short-term holders who accumulated during the 7d +12.41% run are orderly exiting amid selling pressure near $8.96.
I won’t claim the story is settled before we get confirmation. The real test is simple: if $INJ retests below $8, can volume expand back above $150M? If the price can’t reclaim that level, this thesis is invalidated—and you’re welcome to come back and challenge me then.
So far, the market broadly supports this view. Volume fell steadily to $70–100M in early October, a textbook low-volatility accumulation zone. After retesting $6.75 on October 9, volume on the next two rally days rebounded to $195M and $294M, forming symmetrical volume peaks with the $293M recorded on September 20. Today’s -4.36% move on volume down to $134M can, for now, be seen as normal turnover after a rally. But if volume keeps declining over the next few days and the price breaks below support at $8.2, the accumulation thesis will have to give way to a more realistic explanation: short-term holders who accumulated during the 7d +12.41% run are orderly exiting amid selling pressure near $8.96.
I won’t claim the story is settled before we get confirmation. The real test is simple: if $INJ retests below $8, can volume expand back above $150M? If the price can’t reclaim that level, this thesis is invalidated—and you’re welcome to come back and challenge me then.