invezz.com
Injective Protocol (INJ/USD) price has defied gravity in the past few days. The token continued soaring and reached a high of $6.05, the highest point since April 2022. It has been one of the top-performing cryptocurrencies this year, having jumped by ~367% from its lowest.
Injective hackathon and liquid staking
Injective Protocol is a small but fast-growing platform in the blockchain industry. Backed by Mark Cuban, the platform is aiming to become the best platform for creators of Decentralized Finance (DeFi) platforms. It is built on top of the Cosmosblockchain.
Its key differentiating features are its superior speeds compared to Ethereum and BNB. It also has lower transaction costs and its dApps are interoperable. This means that it’s DeFi apps can access other layer 1 chains like Solana and Ethereum.
Injective has been used to build several dApps. Some of those in its ecosystem are Astroport, Frontrunner, Qwerty Exchange, Wavely, and Helix.
The main reason why INJ price is rising even as other cryptocurrencies waver is the ongoing virtual hackathon. This hackathon is a four-week event that will let users compete for exciting prizes. It has up to $1 million in global prizes and funding opportunities for well-known venture capital firms.
The grand champion will win $30,000 while the second and third-place winners will win $20,000 and $10,0000, respectively. The judges for the hackathon are creators of platforms like Astroport, Jump, and Wavely.
There has been other important Injective news. For example, the developers unveiled the launch of liquid staking for INJ through partnering with Stride. To celebrate the milestone, Stride announced that it will airdrop 1000k STRD tokens tk Injective stakers.
To celebrate the launch of liquid staking for INJ, @stride_zone is airdropping 100,000 $STRD tokens to @Injective_ stakers!
— Injective 🥷 (@Injective_) April 4, 2023
Be sure to stake your $INJ to qualify for future airdrops and rewards 🪂 pic.twitter.com/HnOEaf4gve
The other important Injective news was the launch of Cascade, the first interchain Solama SVM rollup. This means that Cascade will help to unlock the $9 billion Solana developer ecosystem for Injective. Injective also recently integrated Pyth, a fast-growing oracle network.
. @Injective_ and @EclipseFND released Cascade, the first-ever Solana SVM rollup. 👇
— DOUBLETOP (@doubletop_io) April 3, 2023
1/4🧵 pic.twitter.com/VEmWOh3BYW
INJ price prediction
INJ chart by TradingView
The daily chart shows that INJ crypto price has been in a strong bullish trend in the past few months. The token managed to move above the key resistance level at $5, the highest level on March 18.
Injective has moved above all moving averages while the Relative Strength Index (RSI) has continued rising. The token is also above the Ichimoku cloud.
Therefore, the token will likely continue rising in the coming days as investors target the next key resistance level at $7. However additional gains at this stage will likely be limited.
Invest in the top cryptocurrencies quickly & easily with the worlds largest and most trusted broker, eToro.
79% of retail CFD accounts lose money