INJ price is approaching key support near $12.20, presenting a potential buy-the-dip opportunity with technicals pointing to a possible 105% breakout toward $25.
Summary
- INJ price has pulled back nearly 20% from its recent $16.35 high, now nearing the $12.20 support zone.
- The $12.10–$12.20 area aligns with the 50-day SMA and prior resistance, now acting as support.
- A confirmed bounce and breakout above $16.00 could trigger a measured move targeting $25 — a 105% gain from current levels.
Injective (INJ) price recently attempted a breakout from an ascending triangle pattern, briefly spiking to $16.35 on July 28 before losing momentum and pulling back approximately 20% to $12.80, slipping below the 20-day EMA.
This decline came despite several bullish fundamental developments, including the successful internal deployment of Injective’s EVM testnet, tokenizing of SharpLink Gaming’s $1 billion Ethereum (ETH) treasury, and a recent CBOE filing to list a staked Injective ETF from Canary Capital.
Injective price prediction
INJ price action now appears to be heading toward the $12.10–$12.20 zone — a key resistance-turned-support level on the 4-hour chart that also aligns with the 50-day SMA on the daily timeframe. If selling pressure persists, INJ price could slide further to retest the ascending triangle’s lower trendline, with potential support around $11.20.
A decisive bounce from either the $12.10–$12.20 zone or the ascending triangle’s lower boundary near $11.20 would keep the bullish structure intact and potentially set the stage for another breakout attempt.
If INJ price reclaims the 20-day EMA and manages to close above the $15.50–$16.00 horizontal resistance zone with strong volume, it could trigger a measured move toward the $25 level — the estimated target based on the height of the triangle. However, a breakdown below $11.20 would invalidate the bullish setup and expose INJ price to deeper downside risk, possibly toward the $10 psychological level.
