Bitcoin News Today: Injective Wallets Rise 40% in Two Months as Price Hovers Near $16 Resistance

Injective (INJ) appears to be on the verge of a significant price breakout, with on-chain metrics indicating strong network growth and accumulation activity. Wallet data from Gemtoast shows that cumulative INJ wallet numbers have surpassed 4,000, marking a two-month continuous increase in holder participation and network activity [1]. The steady rise in wallet creation, highlighted by periodic spikes in new addresses, suggests that INJ is gaining traction both from retail and institutional perspectives [2].

Technically, the price of INJ is hovering near the $16 level, a key resistance threshold aligned with the 1.0 Fibonacci extension. Analysts are closely watching this level, with some suggesting it could be part of a bullish retest pattern. Ali Martinez, a noted market analyst, highlighted an ascending triangle structure that has been developing since early April, noting that INJ “could be in the middle of a bullish retest before higher highs” [1]. If the price holds above the $16.12 level, it could signal a continuation of the upward trend, with mapped resistance targets at $20.27, $22.83, and $27.11 [3].

However, a recent pullback from the $16.50 level has brought the $14.2–$14.5 range into focus as a potential support zone. Crypto Eagles, another analyst, suggested that if buyers defend this level, the price could retest the $15.5+ region. A failure to hold this range could lead to a test of the $13.46 support level [1].

In addition to price action, the broader market is showing signs of bullish momentum. The CBOE has submitted an application to the SEC for the listing of the Canary Capital Staked INJ ETF, a move that could increase mainstream exposure to the asset [3]. The CBOE, which handles over $2 trillion in monthly notional volume, is signaling growing institutional interest in the Injective ecosystem [4].

The combination of rising wallet numbers, strong technical setups, and increasing institutional involvement suggests that INJ is in a favorable position for a potential breakout. While volatility remains a factor, the alignment of these indicators supports a continued upward trajectory for the token. Investors are advised to monitor on-chain activity and price action for confirmation of a sustained move higher.

[1] INJ Nears Key Breakout as Wallet Growth Hits All-Time High (https://coinmarketcap.com/community/articles/689ffb0b78799209467a4b8b/)

[2] UNI Nears Breakout, PEPE Climbs 11%, and BlockDAG's ... (https://coindoo.com/uni-approaches-breakout-pepe-rallies-11-and-blockdags-374m-presale-drives-massive-momentum/)

[3] As Bitcoin & Ethereum Hit New All-Time High: Why Pepeto ... (https://crypto-economy.com/as-bitcoin-ethereum-hit-new-all-time-high-why-pepeto-pepeto-looks-like-the-best-crypto-to-invest-in/)

[4] After Bitcoin, These Altcoins Are Poised to Reach a New ... (https://coinpedia.org/price-analysis/after-bitcoin-these-altcoins-are-poised-to-reach-a-new-ath-in-the-next-24-hours/)