Can Rising Injective Staking Supply Support Further INJ Price Gains to $10?

Injective is gaining momentum after a sharp surge in the past 24 hours that has put the token under the spotlight. The major catalyst behind the move is the staking supply that has reached its highest level, signifying a rise in traders’ participation. While the buying pressure is picking up with increased volatility, the focus now shifts to whether the INJ price can sustain the move and clear the nearby resistance levels. 

Injective Staking Reaches 58.8M as Network Participation Grows

Injective’s staked supply has reached a new all-time high of 58.8 million INJ, showing a rise in participation. This comes at a time when the broader crypto market has remained largely volatile, with Bitcoin’s price stuck below $80,000. The figure is notably higher than the 2023 highs, roughly 42 million. 

The steady increase in staked tokens signals growing participation among INJ holders, which may influence market supply. With more tokens staked and fewer available for trade, it may further strengthen the bullish prospects if demand remains high. However, the question now is whether stronger network participation can push the INJ price above the $10 threshold. 

INJ Breaks Above the Resistance as Technicals Turn Bullish

Injective has pushed above the $6 to $6.20 resistance zone, while the Gaussian Channel has shifted into a bullish configuration. This transition marked an improvement in the trend, reflecting a shift from the broader downtrend. With the bullish momentum strengthening and a significant rise in derivatives, the INJ price is expected to rise above the local resistance. 

The breakout is also accompanied by a rise in the open interest, reaching 3.23 million. Indicating an increase in participation in the derivatives market. If the INJ price continues to hold above the gained resistance range between $6.0 and $6.14 and sustains this momentum, the next targets at $7.38 and $8.22 remain in focus. Conversely, a rejection could push the rally to the support of the Gaussian channel. 

Injective Price Prediction: Can INJ Reach $10 in September?

Injective’s recent momentum has improved the short-term outlook, but reaching $10 would require the token to extend its rally significantly. The upper targets provide potential stepping stones, with $10 becoming realistic only if it could clear these resistance zones. A sustained move above $9.20 could open the door for $10, while a failure could delay the move.