Injective Price Prediction: INJ Hits New Yearly High After 13% Surge As FOMO Envelopes This Cloud Mining Coin With Only One Day Left

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Injective price is up 13% in the last 24 hours to trade for $21.111 as of 4:15 a.m. EST time, boosted by a 220% increase in trading volume.

The capital inflow to the INJ market has seen the AI crypto coin record a new yearly high of $23.293, levels last tested on May 12, 2021.

It comes on the back of several bullish announcements in the INJ market, including the integration of the first native INJ wallet, the Ninji Wallet, which preceded the Injective announcement for the upcoming Volan Mainnet Upgrade.

Loading the Injective Volan Mainnet Upgrade…

▓▓▓▓▓▓▓▓▓▓▓▓▓▓░ 90%

— Injective 🥷 (@injective) December 6, 2023

The Volan Mainnet Upgrade is expected in a few weeks, marking an enhancement that will potentially make Injective even more powerful as a layer 1 solution.

According to some, this will be the biggest mainnet update in the history of the ecosystem, and while there are no details available except the release date being in a few weeks, there is obvious interest to know what the Injective network has in store.

Playing devil’s advocate, however, one validator says, ”It’s probably also the biggest tease of the year.”

.@Injective_ announced #Volan, which they call the largest mainnet update in the ecosystem's history.

With no details available except the release date being in a few weeks, it's probably also the biggest tease of the year.

We're dying to know what you have in store! pic.twitter.com/Dk9EMn98SZ

— Everstake (@everstake_pool) December 4, 2023

Speculation has it that the upgrade will bring improvements to performance, scalability, and security. Given the hype around what it could mean for the Injective price, one trader anticipates a value surge to the four-digit threshold.

What a crazy weekly chart. Highest weekly close ever. Not surprised with the Volan upgrade, the biggest mainnet upgrade, coming in a few weeks. Mito is probably waiting for this. Once they're live, the ecosystem is going to explode. $INJ 4 digits 🤞 pic.twitter.com/ECsnNt3YJI

— Kaduna (@CryptoKaduna) December 11, 2023

The pump in Injective price can therefore be attributed to the “buy the rumor sell the news” narrative as traders continue to front-run the anticipated upgrade.

Injective Price Outlook

Injective price uptrend still has some steam left even as it confronts the upper band of the Bollinger indicator at $21.993. The Relative Strength Index (RSI) is still northbound, despite INJ being overbought at 77. This stance shows there could still be more upside potential for INJ as buyer momentum continues to rise.

This outlook is also supported by the strong presence of bulls in the INJ market. Evidence of this is the histogram bars of the Awesome Oscillator, flashing green in the positive territory.

Increased buying pressure above current levels could see Injective price extend the gains. To confirm this, however, INJ must record a solid breakout above the upper band of the Bollinger indicator at $21.993. Such a move is often interpreted as the beginning of a continuation of the trend.

The ensuing demand pressure could see the Injective price extrapolate a neck higher to clear the $23.418 resistance level. Further north, the gains could stretch even higher, clearing the $25.306 range high, or in highly bullish cases, tagging the $28.000 psychological level. Such a move would constitute a 30% climb above current levels.

Converse Case

On the other hand, a rejection from the $23.418 resistance level and subsequently the upper band of the Bollinger indicator at $21.993 could see the Injective price descend below the support at $18.395. Lower, the load-shedding exercise could see INJ market value fall below the centerline of the Bollinger Bands at $15.013, confirmed by a break and close below the critical support (equal lows) of $14.476. A decisive three-day candlestick close below this level would invalidate the current bullish outlook.

A fall below the aforementioned cliff could send Bitcoin price lower, potentially going as low as the $10.030 critical support (equal highs). Such a move would denote a 53% drop below current levels.

Meanwhile, even as this AI crypto coin pumps hard, there remains a lot of attention around Bitcoin even as the US Securities and Exchange Commission (SEC) arguably prepares to approve spot Bitcoin ETFs exchange-traded funds (ETFs).

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