Injective’s (INJ) price, which is trading at $22, is breaching past a crucial resistance level that is also an important support level.
While the retail investors are supporting a rise, the whale holders are countering this bullishness.
Injective Whales Are Unsure
Injective’s price could consolidate in the upcoming trading sessions owing to the mixed sentiment exhibited by investors. Whales, for one, are not necessarily optimistic of a rise, which is reflected in their activity on the network.
Large transactions’ volu,e i.e. transactions worth morethan $100,000 have been averaging under $3 million for the nearly a month now. Before then, the whales were conducting transactions averaging at $10 million to $12 million on a daily basis.
Injective Whale Transaction Volume. Source: IntoTheBlock
This is contributing to countering the bullishness coming from retail investors.
The conviction exhibited by INJ holders, potentially even including the whales, is a positive sign for the asset. The Mean Coin Age shows this in the uptick, which has been consistent since mid-June.
This has been the longest consistent rise noted in the indicator suggesting investors are opting to HODL their INJ. A downtick means that the investors are moving their supply around which causes higher volatility in the price.
Injective MCA. Source: Santiment
INJ Price Prediction: A Rise Ahead
Injective’s price nearing $22 has flipped the $21 resistance into support and is exhibiting a potential rise ahead. However, this rise could be countered by bearishness from the whales, resulting in sideways movement.
The resultant consolidation will keep the altcoin between $21 and $28. Given that this consolidation range has been tested multiple times in the past, the altcoin may need stronger bullish cues to invalidate it.
Injective Price Analysis. Source: TradingView
The invalidation is also likely only once Injective’s price claims $28 as a support level, which will push it beyond $30. This would mark the first time INJ has seen anything above $30 in three months.