Ethereum News Today: Injective Price Surges Past $15.50 With 60% Rally Potential as EVM Mainnet Looms

Injective (INJ) price has surged past $15.50, triggering optimism among traders as technical indicators suggest a potential 60% rally to $26. The movement aligns with the project’s internal deployment of its native Ethereum Virtual Machine (EVM) mainnet, a milestone expected to accelerate adoption of its Layer 1 blockchain. The price action reflects a breakout from an ascending triangle pattern, supported by a bullish crossover between the 20-day exponential moving average (EMA) and 50-day simple moving average (SMA), which remain intact [1].

The ascending triangle formation, defined by horizontal resistance at $15.50 and converging trendlines, has been a key focus for traders. While a prior breakout attempt in late June failed, current on-chain data indicates stronger follow-through. The Relative Strength Index (RSI) is at 68, nearing overbought territory, while the MACD histogram shows expanding bullish momentum, with the MACD line above the signal line. Analysts highlight that a sustained close above $15.50 could validate the pattern’s projected target of $26, representing a 60% gain from current levels [1].

Fundamentally, Injective’s EVM mainnet deployment marks a strategic shift. The internal launch, announced in late June, enables Ethereum-compatible decentralized applications (dApps) to operate directly on Injective’s blockchain, broadening its appeal to developers. Public deployment is anticipated soon, pending final testing phases. This development aligns with Injective’s broader ecosystem expansion, including the recent integration of SBET, a tokenized on-chain treasury for gaming assets. While SBET’s launch generated headlines last week, the EVM mainnet is positioned as a more foundational catalyst for long-term growth [1].

The market’s reaction underscores the synergy between technical and fundamental drivers. A successful EVM mainnet launch could attract Ethereum developers seeking interoperability with Injective’s high-performance infrastructure, potentially increasing network activity and token demand. However, risks persist. The ascending triangle’s upper boundary has historically repelled the price, and a failure to hold above $15.50 could trigger a pullback toward dynamic support levels. Traders are monitoring volume patterns to gauge the strength of the breakout, with heavy buying pressure near $15.50 seen as critical confirmation [1].

Injective’s progress highlights growing competition in the blockchain space. EVM compatibility is a strategic move to capture a segment of Ethereum’s developer community, which prioritizes cross-chain capabilities. By enabling Ethereum-based dApps to leverage Injective’s features—including low fees and high throughput—the project aims to differentiate itself in a crowded market. If the public EVM mainnet meets expectations, it could position Injective as a preferred alternative for decentralized finance (DeFi) and Web3 applications [1].

For investors, the coming weeks will be pivotal. A sustained breakout above $15.50 and the EVM mainnet’s launch could create a self-reinforcing cycle: increased adoption driving demand for INJ tokens, which in turn supports further price appreciation. Conversely, a retest of key support levels or delays in the mainnet rollout may temper bullish expectations.

Source: [1] [INJ Price Gears Up for a Potential 60% Surge Ahead of EVM Mainnet Launch] [https://crypto.news/inj-price-gears-up-for-a-potential-60-surge-ahead-of-evm-mainnet-launch/]