Injective Protocol Price Prediction 2023: Will Bulls Gear up to Rise the Price Beyond $5?

Key Takeaways:

• Injective Protocol price surged above 230% since the beginning of 2023 and nearly 60% in the past couple of days, testing one of the important resistance levels
• The mounted bullish pressure is expected to prevail for long, uplifting the price beyond $5 during H1 2023 and further head towards a double-digit target before the end of 2023
• The on-chain metrics indicate that the INJ price to be at the foothill of massive explosion and may rise to mark new high soon

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Price	$3.79
24H Price Change	+2.31%
7D Price Change	+48.5%
MarketCap	$379.76 million
Circulating Supply	Above 73 million
Trading Volume	$94.25 million
ATH	$25.01
ATL	$0.6557

Injective Protocol Price History

• Injective Protocol was launched in the year 2017 but began its trading journey just before the beginning of 2021 bull run 
• The prices that began to trade at around $1.2, soared high to mark an ATH above $22 in April 2021 but soon fell into deep bearish trend ahead to reach levels around $5.6 in the next few months
• After a bearish close for the year 2021, the price remained under a acute bearish influence throughout the year 2022 and marked the bottom around $1.25 before the end of the year
• Blissfully, the start of the year 2023 was a bullish one that sparked a notable upswing since the beginning and raised the price by more than 250% at the moment.

Injective Protocol Technical Analysis

Source: Tradingview

• The Injective protocol price has been trading within a bearish trend within a descending triangle and has been trading along the lower support throughout the second half of 2022
• The price after trading within a decisive phase, is facing rejection at the same levels, it faced a couple of times before
• The RSI has reached the highs and hence is believed to retrace to some extent that may drag the price close to the lower support
• However, after reaching the lower support, the price may rebound finely and rise notably to reach the levels along the resistance.

Overview of Injective Protocol On-chain Analysis:

Injective Daily Active Address

Source: Santiment

The Daily active address is the count of the number of addresses contacted by the platform in a day. It may be either a buy address or a selling address or an address placing a swap trade. All the addresses are counted but only once per day. The daily address count indicates the user’s interest in the platform as a rise may signal a shift of focus of the market participants towards the platform that may intensify the volatility. 

The DAA Of the injective protocol remained around the lower support levels for a long time.  However, with the beginning of the new year, the DAA rose significantly and marked new Heights. The rise in the day indicates the rise in traders’ interaction over the platform due to which prices rose massively.  Presently,  have been forming higher and lows indicating the rise in user activity over the platform

Injective Supply on Exchanges

Source: Santiment

The supply on exchanges indicates the number of tokens available in the wallet held by these platforms. These levels vary depending on the market sentiments that directly impact the price.  The supply also indicates the availability of the liquidity on the platform which is required to perform a trade. A drop in supply usually indicates the market participants are policed over the price and hence they continue to hold the tokens for a longer time.

 Woefully,  the supply on Exchange in the case of the injective protocol has served massively in the past few months. Full stop a since the market plunged during the beginning of H2 2022,  the traders have constantly transferred their tokens onto the exchanges. this indicates the uncertainty among the market participants and is considered one of the Bearish indicators

Injective MVRV Ratio (30d)

Source: SantimentX

 The MVRV ratio is a comparison between the market value and the realized value of a token. This matrix is used to determine whether the price of the crypto is undervalued or overvalued. A rise in MVRV ratio indicates that the traders are willing to sell the token as the price has reached within the profit levels.  therefore significant selling pressure may mount over the token which may diminish the price in the short term.

However, the ratio in the present case has been holding within the negative levels for a pretty long time. hence indicating the token is undervalued and hence the traders hope for a significant recovery in the coming days.  until the levels remain within the negative levels the price may tend to rise, discovering new highs in 2023.

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Injective Protocol Price Prediction for 2023

The injective protocol price has been maintaining a consolidated descending trend throughout the year 2022.  how about the price has gained significantly since the beginning of 2023 and raised by more than 250%, slicing through the resistance at $3. Despite the bears interfering with the rally, the bulls are expected to maintain a notable uptrend ahead.

Presently, the INJ price is trying to rise above the pivotal levels around $4 and hence may reach levels close to $5 by the end of Q1 2023. Further, the price may experience a minor bearish action but may manage to close the H1 trade around $6.3 to $6.7. However, during the second half of 2023, the price is believed to maintain an ascending trend but may fail to reach the milestone of $10. The INJ price may close the yearly trade around $8.6 to $9.1, but the bullish momentum may have settled down.

Injective Protocol Price Prediction for 2024 

The bullish momentum that sparked during Q4 2023, maybe in 2024 as the price may reach beyond $10 during Q1 2024. It could experience a minor pullback, but with a significant rebound, the price may close to trade around $10.9 to $11.2. During Q2 2024, the price may intensify its upswing and reach levels around $12.8 to $13 by the end.

Further, as the trade advances to the second half of 2024, the token value could rise beyond $13.5 and may also reach $15. The price is expected to lower its pace during Q3 2024 and remain consolidated between $14.8 to $16.4. As the INJ price enters the Q4 trade, the upswing may get intensified and the price may rise beyond $18.5. However, an intensified trend may rise the price close to $20.

Injective Protocol PRICE PREDICTION 2025-2030

The Injective Protocol price may continue its bullish trend during the first few months of 2025, but in the second half could drop under an acute bearish trend. After closing the trade on a bearish note, the price may remain consolidated throughout the year 2026. The price may begin a minor recovery in 2027 and may strive hard to maintain a significant upswing throughout the year.

Moving ahead, the price may maintain a notable upswing in 2028 but the bears may maintain their dominance. But during the second half of 2028, the price could begin with a significant upswing that may continue in the first few months of 2029. The uptrend may soon transform into a notable bull run that may continue in 2030 and mark new highs close to a 3-digit figure.

Year	Injective Protocol Price Forecast
2023	$8.5 to $9.2
2024	$16.8 to $21.5
2025	$25 to $28

Should you invest in the Injective Protocol in 2023? 

The injective protocol has recorded a small history where-in the price has manifested a gigantic bull run. Despite the current bearish pullback, the price is believed to regain bullish momentum and rise notably. The bulls appear to be preparing to lay down a gigantic rally that may mark new highs in 2023. However, before jumping into an investment, it is very important for an individual to do in-depth research on the project and also observe the price movements of the token for a better entry-exit plan, minimizing the risk. 

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