INJ chart predicts a 46 increase in price Injective price forecast
Injective’s price has seen a steady increase since mid-May, with traders closely monitoring its growing ecosystem following recent developments. The INJ token has surged to $30, approaching its peak levels since April 12th. This marks a remarkable rebound of over 60% from its April low. Injective, the financial blockchain network supported by Mark Cuban, has recently integrated PYUSD, the stablecoin introduced by PayPal.
In a significant move, developers announced that Injective has become the first layer-1 platform to back the $400 million stablecoin. This integration allows the token to migrate from Ethereum and Solana to Solana seamlessly, facilitated by Wormhole, a prominent bridging network in the blockchain sector.
On another front, Mito Finance, a forthcoming liquidity management platform within Injective, has introduced permissionless vaults. This introduction enables users to set up their vaults on Mito and engage in trading activities. Notably, users have already established GME/INJ, ZIG/INJ, and NLT/INJ pairs on the platform.
Despite these advancements, Injective’s ecosystem remains smaller in comparison to some of its newest counterparts. According to DeFi Llama, the network hosts 17 DeFi applications with a total value locked (TVL) exceeding $159 million. Notable contributors to the platform include Hydro Protocol, Dojoswap, Helix, and Neptune Finance.
In contrast, the recently launched Blast network boasts over $2.07 billion in assets, while Base and Merlin hold $1.68 billion and $1.17 billion in assets, respectively. Helix, the leading DEX within the platform, has experienced recent success, processing over $101 million in transactions within the last 12 hours, securing its position as the 16th largest player in the industry according to CoinMarketCap.
A potential growth driver for Helix could be the increasing popularity of meme coins, particularly Solana-based meme coins like Bonk and Dogwifhat, contributing to the rise of Raydium, Orca, and Jupiter as top-5 DEX networks.
Looking ahead, the INJ token, which hit a low of $18.66 in April, has now surpassed $30. The 25-day and 50-day moving averages have formed a bullish crossover, while the Relative Strength Index (RSI) displays an ascending channel in red. This suggests a bullish outlook for the token, with the next key resistance level at $45, its peak on January 9th, indicating a potential 46% upside from the current price level.
