Injective (INJ) Finds Key Support - Could This Pattern Trigger a Rebound?

Injective (INJ) has entered a critical juncture in late September and early October 2025, as its price action and on-chain metrics suggest a potential rebound after months of volatility. With the token testing key support levels and exhibiting signs of bullish divergence, analysts and traders are closely monitoring whether this pattern could catalyze a sustained upward trend.

Key Support Levels and Technical Divergence

INJ's price has recently consolidated around $12.53, with the $11.91 and $12.15 support levels holding firm despite selling pressure, according to a Blockchain News piece. Technical indicators such as the RSI (55.46) and MACD histogram (0.1623) suggest weakening bearish momentum, while bullish divergence emerges as price lows begin to outperform indicator lows, as noted in another Blockchain News forecast. This divergence, coupled with the token trading near oversold conditions, has led analysts to project a decisive breakout.

A BTCC-hosted report highlights that a successful break above the $15.18 resistance level could trigger a momentum shift toward the $20–$25 range within 4–6 weeks. This optimism is further supported by the token's deflationary burn mechanism, which has seen over 6.28 million INJ burned to date, reducing circulating supply and potentially increasing scarcity value, as noted in Injective's October update.

On-Chain Metrics Signal Strong Fundamentals

On-chain data paints a mixed but largely positive picture. The 24-hour open interest for INJ perpetuals reached $199.9 billion, while liquidations totaled $529.9 million, reflecting heightened trading activity, according to CoinPerps data. The long/short ratio (49.77% / 50.23%) indicates a balanced market sentiment, with no overwhelming bearish dominance.

Notably, daily active addresses (DAAs) surged to over 83,500 in October 2025, a 1,700% increase from December 2023 levels, per a BeInCrypto analysis. This surge is attributed to major upgrades like the Nivara protocol and the launch of Injective's Ethereum Virtual Machine (EVM) testnet, which have attracted developer and institutional interest, the BeInCrypto piece notes. Additionally, the introduction of onchain pre-IPO perpetual markets for companies like OpenAI and SpaceX has driven a $2.41 billion spike in perpetual volume, signaling growing adoption, according to a Bankless Times report.

NVT Ratio and Market Valuation

The Network Value to Transactions (NVT) ratio, a metric used to assess whether a cryptocurrency is overvalued or undervalued, remains a focal point for INJ analysis. While no exact NVT ratio is provided for October 2025, the token's on-chain activity-including one billion transactions validated and a 41% 24-hour trading volume surge-suggests a declining NVT ratio, according to an Injective blog post. A declining NVT ratio typically indicates undervaluation, as network activity outpaces price growth, potentially setting the stage for a rebound, a CCN analysis explains.

However, conflicting forecasts exist: CoinCodex projects a bearish trend for October 2025, predicting a price range of $8.40–$9.25. This divergence underscores the uncertainty in the market but also highlights the potential for volatility-driven opportunities.

Institutional Adoption and Future Catalysts

Injective's institutional adoption further strengthens its case for a rebound. The launch of the Injective Unified Bridge and a staked INJ ETF filing by Rex Shares and Osprey Funds signal growing integration with traditional finance, as noted in a Wall Street on Chain post. Meanwhile, Helix, Injective's decentralized exchange, reported $40 billion in cumulative trading volume, ranking third in 24-hour volume among perpetual DEXs, as detailed in the October monthly community update. These developments, combined with the platform's deflationary mechanics, position INJ as a compelling asset for both retail and institutional investors.

Conclusion

Injective (INJ) appears to be at a pivotal moment, with technical and on-chain indicators aligning toward a potential rebound. The token's ability to hold key support levels, coupled with robust on-chain activity and institutional adoption, suggests that a breakout above $15.18 could unlock significant upside. While bearish risks persist-particularly if the $12.15 support fails-current momentum and fundamental progress make a compelling case for cautious optimism. Investors should monitor the NVT ratio and volume patterns closely, as these metrics will likely dictate whether INJ's next move is a sustained rally or a temporary correction.