Injective price hits new all-time high at $39.97, INJ sustains uptrend despite profit-taking
- Injective price hit a new all-time high on Tuesday of $39.97 on Binance.
- INJ whales engaged in profit-taking as the asset rallied nearly 64% last week.
- INJ on-chain metrics indicate that the recent gains are sustainable.
Injective (INJ), the Artificial Intelligence (AI) finance blockchain, hit a new all-time high on Tuesday, with INJ price hitting $39.97. Injective negatively correlates with the largest asset by market capitalization, while Bitcoin price traded sideways last week, INJ rallied, yielding nearly 64% weekly gains.
INJ price corrected from its $39.97 all time high to $39.44. The asset’s on-chain metrics support further price gains.
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INJ price hits new all-time high
Injective’s token INJ price rallied 147% in the past month and 64% in the past week. INJ continued to climb despite profit-taking by large wallet addresses. On-chain metrics support INJ’s price gains.
Whale transactions valued at $100,000 and higher climbed between December 4 and 19. This coincides with profit taking, as seen in Network Realized Profit/Loss metric. INJ holders are realizing profits in their token sales in December, as seen in the Santiment chart below.
 [17.13.35, 19 Dec, 2023]-638385842306749913.png)
INJ whale transaction count and Network Realized Profit/Loss. Source: Santiment
The token’s supply on exchanges has increased between December 17 and 19. Still, it remains relatively low when compared to the past six months. The inflow to exchanges has remained nearly unchanged. Therefore, a significant increase in selling pressure is not expected.
 [16.40.39, 19 Dec, 2023]-638385842915308947.png)
Supply on exchanges, exchange flow balance. Source: Santiment
The network growth metric also supports a bullish thesis for Injective, as it climbed alongside INJ price gains.
 [16.46.03, 19 Dec, 2023]-638385843265935619.png)
Network growth. Source: Santiment
At the time of writing, INJ price is $39.16 on Binance.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
