Injective (INJ) is forming a potential double-bottom pattern as buyers defend support and momentum improves. Rising derivatives activity points to stronger market participation, while an ETF filing adds institutional interest. The Meridian upgrade further strengthens Injective’s tokenization infrastructure and could support renewed bullish sentiment around INJ.
INJ Price Forms Double-Bottom Structure
Injective (INJ) is showing signs of a potential bullish reversal after forming two major lows around the $3–$4 support zone.
Crypto analyst Crypto With Gopal highlighted the emerging double-bottom structure, with buyers repeatedly defending the lower range. Attention is now shifting toward the $9–$9.5 neckline, which remains the key confirmation area.
Source: Crypto With Gopal’s X Post
The double-bottom formation suggests that selling pressure may have weakened after the prolonged decline. However, the pattern remains incomplete until INJ decisively moves above its neckline resistance.
If buyers secure a clean breakout through the $9–$9.5 region, the setup could strengthen and potentially open a path toward the chart’s projected $17.5 target.
Derivatives Activity Shows Rising Participation
Market positioning is also becoming more active as INJ approaches this technical decision point.
According to CoinGlass data provided in the analysis, Injective derivatives trading volume increased 43.52% to $480.40 million, while open interest climbed 31.85% to $183.98 million. The simultaneous increases point to stronger trader participation.
Source: Coinglass
Rising volume alongside higher open interest can indicate that more capital is entering derivatives markets while traders establish new positions.
This does not guarantee a bullish breakout, but it adds important context to the technical setup. Continued growth in activity could make the reaction around the neckline increasingly significant for INJ price action.
Also Read: INJ Price Eyes a Strong Breakout Toward $16 as RWA Activity Tops $214M
Injective ETF Filing Adds Institutional Catalyst
Alongside the technical setup, Injective has highlighted a new regulatory development involving 21Shares and its proposed Injective ETF.
The company filed an S-1 update outlining the product, which targets a potential Nasdaq listing under the ticker TINJ. The FTSE Injective Index would serve as the pricing benchmark for the proposed fund.
Source: Injective’s X Post
The filing also provides details on staking 40% to 60% of the INJ holdings within the fund depending on the liquidity needs.
The administrators, transfer agents, and cash custodians are BNY Mellon. If this product goes through all the necessary processes, then the filing can be considered to be a significant milestone for Injective.
Meridian Upgrade Targets Tokenized Assets
The Meridian Mainnet Upgrade of Injective is also progressing towards strengthening its blockchain technology. INJ stakers have the opportunity to cast their vote for the project through the Injective Hub. Voting will take place up until September 22.
Once voted in favor, the upgrade will be implemented on September 24 with a number of updates aimed at institutional finance.
Source: Injective’s X Post
Meridian is an upgrade that will help in improving the infrastructure of Injective in terms of asset issuance and tokenization.
This means that it will help in incorporating compliance and transfers through the Injective EVM to help in creating an environment that will facilitate tokenization of equities, real-world assets, and other financial products.
Injective Meridian Upgrade Improves Market Infrastructure
Unification of tokenized perpetual markets is another important part of Meridian that includes such elements as MultiVM, which can make asset controls possible on both Injective native and EVM ecosystems, and atomic buys through exchange precompile, which will give an opportunity to directly interact with native liquidity and settlement from EVM apps.
Meridian also offers advancements in market execution, risk management, signing process, and oracle efficiency.
Advanced oracle priority and relay validation will make sure that there is reliable pricing infrastructure for tokenized stocks, real-world assets, derivatives, and other types of financial markets.
The enhancements will help Injective to build institutional-quality infrastructure for putting global financial activities on-chain safely.
What Happens Next for INJ?
The price action for INJ is to watch out for any movements above the $9-$9.5 neckline level in order to validate the double bottom pattern formation.
If a breakout from the neckline happens, then $17.5 becomes an important chart objective. For now, the pattern is still being formed, and price validation will be crucial.
If the Meridian amendment passes, Injective is set to stop the blockchain at block height 184394000, equivalent to around 15:00 UTC, September 24, 2026.
Afterward, the blockchain will continue running using version 1.20.4 of the Injective Chain application binary. It would be interesting to see how the progress of the upgrade and the reaction of INJ to the resistance go.
Also Read: INJ Price Eyes Breakout as Double-Bottom Setup Meets Solana Expansion
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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