What to know:
- Injective (INJ) reclaimed the $4.60–$4.80 support zone, signaling a potential bullish move toward $7.
- Technical indicators suggest INJ completed its correction near the 50% Fibonacci retracement, supporting further upside.
- Canary Capital updated its Staked INJ ETF filing with improved staking, transparency, and custody provisions.
Injective is gaining bullish momentum after reclaiming a key support level, with analysts expecting further upside for the Injective price if its strength continues. Adding to the optimism, Canary Capital has updated its proposed Staked INJ ETF filing, introducing enhanced staking, transparency, and custody provisions as the product moves closer to regulatory review.
At the time of writing, INJ is trading at $4.89 with a 24-hour trading volume of $83.74 million and a market capitalization of $489.11 million. Following the 5.69% gain over the last 24 hours, the Injective price structure and ETF update point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: Can Injective Repeat History? INJ Cycle Signals Point to Major Opportunity
Injective Price Reclaims Key Support, Eyes Rally to $7
According to the crypto analyst Chiefrat, the Injective price is showing renewed bullish momentum after reclaiming the crucial $4.60–$4.80 support zone, signaling that the recent correction may have ended.
Analysts believe the Injective price has completed its manipulation phase near the 50% Fibonacci retracement, a technical pattern often associated with trend reversals before a fresh upward move begins.
Source: Chiefrat’s X Post
Breaking out above the recycled support would further enhance the bullish technical configuration of the Injective price and set the stage for a run towards the resistance range of $5.80 to $6.30.
If the upward pressure continues and the bulls remain in control, the market experts expect the Injective price to rise further towards the $7.05 mark.
Canary Capital Updates Staked INJ ETF Filing
The data from Injective further highlighted that Canary Capital has filed new information on its S-1 filing about the proposed Staked Injective (INJ) ETF.
The ETF will be listed at the Cboe BZX Exchange, and its trading symbol will be INJS. A vast number of INJ tokens will be staked through the ETF, and all the rewards obtained from staking will be automatically reinvested into the ETF’s NAV.
Source: Injective’s X Post
In the updated filing, there is one additional commitment, which is that the fund would reveal its daily on-chain staking percentage in order to increase transparency.
There is an upper limit of 10% on the staking fee, which is to be charged from the rewards earned, and the custodian of the ETF would be BitGo Trust.
Following the changing conditions in the crypto market and ETF filing, the Injective price has performed well. As the BTC price has started its upward journey, it has impacted the overall market, including altcoins like INJ.
What Happens Next for Injective Price?
The trajectory of the Injective price is based on maintaining a level above its support and penetrating the resistance levels between $5.80-$6.30.
Any breakout here would provide room for the price to advance towards $7, while any additional momentum could be provided by Canary Capital’s Staked INJ ETF.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Injective Price Eyes $8 Breakout as Vulcan Mainnet Upgrade Fuels Momentum
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