Injective surges to almost two-year high on Google partnership
- INJ reached the $12 price level for the first time since December 2021.
- Injective's partnership with Google Cloud has fueled the rally.
- INJ-based Helix DEX pre-launch futures also added to October’s demand surge.
Injective (INJ) surged to a 24-hour price range of $11.5 and $12.8, marking its highest value in nearly two years. The token’s price increase is not solely a result of the recent Bitcoin rally, but also Injective bolstering its market presence after its recent partnership with Google and new offering by Helix exchange.
Injective inks new partnerships
Injective, an interoperable layer-one blockchain, announced its integration into Google Cloud on Tuesday. The partnership will allow the finance blockchain to be accessible through the data exchange platform of the cloud computing giant.
With the agreement, Google Cloud's Analytics Hub can interact with Injective data across the network. The press release noted, "Using a Google Cloud server, anyone can utilize customizable Injective datasets for various use cases, including building DeFi applications and institutional trading strategies."
In addition, the introduction of pre-launch futures for upcoming tokens by Helix DEX, a decentralized exchange on Injective, has generated interest.
On Monday, Injective boosted over $400 million in staked INJ.
Over $400 Million in $INJ is now staked making Injective one of the largest L1 networks by staked value
— Injective (@Injective_) October 22, 2023
Injective contributor Mirza.inj explained on X that the project also crossed 300 million transactions, adding to the positive sentiments in the last few days. Apart from Helix's pre-launch futures, Exotic Markets also introduced first options infrastructure protocol on Injective, among other launches, notes Mirza.inj.
INJ price shows strength
The price of Injective (INJ) stands close to $12 at the time of writing, reflecting almost a 50% increase in the last seven days, based on CoinGecko analysis. With a circulating supply of 84 million INJ tokens, Injective’s market capitalization has risen to $980 million. Although the price is moving positively, it's essential to note that the all-time high for INJ was $24.89, reached in April 2021.
Meanwhile, the Relative Strength Index (RSI), a momentum oscillator for price movements, is currently hovering close to 90. An RSI reading above 70 is generally considered overbought, indicating the potential for a downside price correction.
Within the Injective INJ Derivatives market, long and short traders are in a nearly balanced position. The Long/Short (24-hour) ratio on Coinglass stands at 0.96. suggesting slightly more long trading positions than short positions.
Injective's recent expansion and strong price performance signal attractive future opportunities if its positive trajectory sustains in the medium term.
Author
Shraddha Sharma
FXStreet
With an educational background in Investment Banking and Finance, Shraddha has about four years of experience as a financial journalist, covering business, markets, and cryptocurrencies.
