Injective Price Action Shows 2.2% Decline Amid Potential Reversal

Injective (INJ) is currently navigating a critical technical phase, with its price action forming a descending wedge pattern that has been in place for over a year. The cryptocurrency is showing signs of a potential reversal, as it has formed a bullish triple bottom structure near the $10.27 support level. This pattern suggests that INJ could be poised for an upward movement, breaking out of its prolonged downtrend.

On July 8, 2025, INJ was trading at $10.32, marking a 2.2% decrease in the last 24 hours. This level is just above the key support zone at $10.27, with resistance positioned at $10.68. The market activity indicates a buildup near the wedge’s apex, suggesting an imminent breakout attempt. The descending wedge pattern has been in place since INJ’s peak near $45 in late 2023, with price action steadily declining while respecting both downward-sloping trendlines.

The chart reveals three distinct low points, all forming near the $8–$9 range, which supports the triple bottom structure. These lows appear inside a well-defined descending wedge pattern. The price has now tightened between converging lines, and with the third bottom recently established, traders are closely watching for a breakout above resistance. The $12.06 level is seen as a horizontal barrier, previously rejected multiple times. If the price breaks this level, it would also breach the upper wedge boundary, indicating a shift in trend. While no breakout has occurred yet, the compression of price within the pattern leaves little room before a decisive move.

At present, INJ maintains price action above its short-term support of $10.27. The recent rebound from this level reinforces its role as a pivotal price floor. Over the last 24 hours, INJ has posted moderate gains against both BTC and ETH pairs, with an increase of 1.7% and 1.9%, respectively. This suggests consistent inflows amid a low-volatility environment. Volume has remained relatively stable despite narrowing price action. Such conditions often precede strong breakouts. Moreover, historical price behavior in similar wedge structures has led to sharp volatility expansions once the apex is reached.

The chart also highlights two significant pivot points from mid-2023, marked by yellow arrows. These early accumulation zones preceded INJ’s major breakout later that year. Comparatively, the current triple bottom sits within a similar structural build-up, although no direct pattern correlation can be drawn. In the event that the resistance formerly at $12.06 were to be reclaimed, it would push INJ back into a greater trading range than when it was witnessed earlier in early 2025. Yet the existing wedge is still there and the price will need to break and support above its upper trendline to technically confirm the break. The pattern is still underway, its resolution as yet.