Injective, a Layer 1 (L1) protocol, emerged as one of the standout performers in the crypto market on Thursday, with its native token INJ experiencing a substantial 7% surge within the past 24 hours.
Injective (INJ) price experienced a surge of 7% in the past 24 hours, making it one of the best performers in the crypto market on Thursday.
This surge comes as the protocol makes key announcements regarding its token and ecosystem.
Injective users are set to burn a total of 6 million INJ tokens by next week.
The protocol also announces the launch of the Injective Token paper, focusing on deflationary acceleration.
After experiencing a price correction to the $20 mark in April, the INJ token has successfully reclaimed the $28.68 price level, reigniting its bullish momentum.
As the token continues to experience buying pressure, the $29 level poses a hurdle, having acted as a significant resistance point for the past two months.
However, if the bullish momentum persists, the token could surpass the $29 resistance and retest the $31 and $35 resistance levels on the INJ/USD daily chart.
The anticipation builds as these announcements are made, with market participants awaiting to see whether the developments can fuel a sustained upward trend and potentially surpass the previously achieved record levels.
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