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Injective (INJ) steadies as long-term holders weaken downside pressure

By:
on May 16, 2024
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  • The latest GameStop-driven rally seems to have paused.
  • INJ displays recovery signs as it paints its daily price chart green.
  • Injective investors reduce selling pressure as they persist in holding.

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The altcoin market retreats as most assets lose steam following the recent GameStop-triggered rallies.

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While the likes of PEPE stare at more dips, Injective’s loyal investors keep INJ price afloat. 

Long-term holders aid INJ recovery

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Injective struggled after impressive actions, declining to explore yearly lows. Nevertheless, indicators suggest a notable comeback for the altcoin. 

Data shows a decline in INJ sent to exchanges, confirming a reduced desire to sell Injective tokens.

Further, the soaring Average Coin Age metric also suggests plunged downside momentum for the alt.

Average Coin Age measures how long holders keep digital assets in crypto wallets. An increase in this indicator shows players opting to accumulate rather than sell. 

INJ price outlook

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The alt bounced back from $21.3 to change hands at $23.26 during this publication, up 0.18% and within the past 24 hours. 

INJ 1D Chart on Coinmarketcap

INJ seems to have what it takes to extend the upside, and long-term holders refraining from selling support the bullish narrative. 

Injective can climb towards the $28 value area, but broad market developments remain crucial in shaping the alt’s price trajectory.

Continued Bitcoin weakness will halt INJ’s anticipated rally in the near term.

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