Injective token surges over 13% following the approval of the mainnet upgrade proposal
|- Injective price surges more than 13% on Thursday, approaching a key resistance level.
- Injective announced that its IIP-619 proposal passed, enabling a mainnet upgrade on Thursday.
- The upgrade aims to scale Injective’s real-time EVM architecture and enhance its capabilities to support next-generation payments.
Injective (INJ) price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine (EVM) architecture and enhance its capabilities to support next-generation payments. The technical outlook suggests further gains if INJ breaks above key resistance.
Mainnet upgrade boosts bullish momentum
Injective announced in its official X post on Thursday that its new mainnet upgrade proposal, IIP-619, has passed.
“This aims to significantly scale Injective’s real-time EVM architecture while also enhancing its capabilities to support next-gen payments,” Injective’s X post stated.
The upgrade vastly enhances the performance of Injective’s MultiVM architecture, optimizes the Real-World Asset (RWA) integration with Chainlink (LINK) oracles for real-time price feeds and expands the capabilities of a new shared liquidity layer.
This announcement is bullish for Injective’s native token, INJ, which surged by more than 13% following the news.
Injective Price Analysis: INJ could extend further gains if it closes above key resistance
Injective price is trading within a falling wedge pattern (drawn by connecting multiple highs and lows with two trendlines since mid-October). As of writing on Thursday, INJ rallies more than 13%, nearing the upper trendline boundary of this pattern.
If INJ breaks and closes above this trendline boundary, it could extend the rally toward the key psychological level at $5.
The Relative Strength Index (RSI) reads 45, pointing upward toward the neutral level of 50, indicating fading bearish momentum. For the bullish rally to be sustained, RSI must move above the neutral level of 50. The Moving Average Convergence Divergence (MACD) showed a bullish crossover on Saturday, further supporting the positive outlook.
However, if INJ faces a correction, it could extend the decline toward the February 6 low at $2.65.
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