INJ Price Surged Over 9% In 24H: Closing In On $10 Prediction

Cryptocurrency analyst and investor, Crypto Tony, predicted on X today that Injective (INJ) could very soon hit $10. The altcoin just missed out on hitting this target after it reached a 24-hour high price of $9.90 throughout the past day.

Following this, it seems like sellers started to step in as INJ was trading at $9.82 at press time. Nevertheless, the altcoin’s price managed to surge by more than 9% during the past day, according to CoinMarketCap. The token’s intraday volume also jumped by about 36.22%, and as a result, left its volume to settle at $66,263,968.

Things have also been going well for INJ in the longer term as its price was in the green by 25.63% on its weekly time frame. The cryptocurrency’s price also increased by more than 37% over the past month.

From a DeFi perspective, INJ is also a formidable rival against Ethereum (ETH). Ethereum has held a prominent position in the DeFi realm for quite some time, but its shortcomings are becoming increasingly evident.

At the same time, emerging competitors, such as INJ, are progressing swiftly and present a big challenge to Ethereum’s dominant position. In the past week, INJ was also able to outpace ETH in terms of price performance. CoinMarketCap indicated that ETH was up just over 6% for the past week. INJ also outperformed ETH over the past 24 hours.

Daily chart for INJ/USDT (Source: TradingView)

INJ was able to break above the $8.165 barrier over the past week. Since then, it has continued to climb and is now perfectly positioned to overcome the $10 mark. However, if INJ is rejected by this threshold, then it could drop back down to the $8.165 mark. Thereafter, a break below this level could put INJ at risk of falling to as low as $6.845.