Injective (INJ) Technical Analysis: December 2024 Market Review and Trading Recommendations

Injective has achieved remarkable success by processing over 100 million blocks and more than 1.3 billion on-chain transactions.

Injective is an open interoperable smart contracts layer-one blockchain network optimized for decentralized finance applications. As the only lightning-fast blockchain tailored for building financial applications, it has rapidly established itself in the blockchain space with impressive achievements and exciting innovations.

Significant Achievements Processing over 100 Million Blocks

In a testament to its growing influence and capabilities within the decentralized finance (DeFi) ecosystem, Injective achieved a remarkable milestone by processing over 100 million blocks. This significant accomplishment showcases the increasing adoption and utilization of Injective for diverse financial applications.

Exciting Innovations Unveiling the New INJ 3.0 Token

In a move to enhance the utility and value of its native token, Injective introduced the new INJ 3.0 token. This token is designed to make the $INJ token deflationary, potentially driving up its price.

Moreover, Injective launched an AI Agent Hub in collaboration with SonicSVM. This innovation enables AI agents to function across different blockchains, including Solana. This initiative marks a step towards integrating AI agents into the blockchain infrastructure for decentralized finance and other applications.

Milestones in December 2024 December saw several exchange-traded products (ETPs) linked to Injective’s native token, INJ, launch in a bid to bridge decentralized and traditional finance.

The AINJ ETP from 21Shares was listed on Euronext on December 4. This product enables investors to purchase INJ and earn staking rewards simultaneously. With assets under management of $128.6 million and a management fee of 2.5%, this ETP provides a convenient entry point for investors seeking exposure to both digital assets and decentralized finance.

Another ETP by Valour Funds was launched on Sweden's Spotlight Stock Market on December 15. This ETP offers investors easier access to INJ, catering to both institutional and retail investors in the country.

Community Engagement Initiatives Among other developments, community initiatives like the Helix Points Program were introduced to promote participation within the Injective ecosystem. This initiative aimed to encourage contributions and engagement across various activities.

Overall, December was a pivotal month for Injective, highlighting its progress in bridging decentralized finance with traditional finance and showcasing its role in advancing financial applications on the blockchain.

Technical Analysis of INJUSD The INJ/USD pair encountered a minor pullback of over 35% following a significant sell-off. It peaked at $26.39 and is currently trading around $26.145, still above key moving averages on the 4-hour chart.

The near-term resistance level is at $30, and a breach above this could push the price to $35, $42, or even $50. On the downside, immediate support is at $22, with potential targets lower at $19 and $16 if violated.

The indicators based on the 4-hour chart show a bullish trend, with the Commodity Channel Index (CCI) (14) and CCI (50) readings indicating bullish momentum, as well as a bullish average directional movement index.

It is recommended to buy on dips around $21, setting a stop-loss at $14 and targeting a price of $50.