Injective token (INJ) dropped 9.79% Tuesday but held at $5.77 as large investors intensified buying. Whale accumulation surged immediately after the selloff, with 60.8% of market positions staying long. Technical indicators now point to a brief consolidation before a potential run toward $7.50.
Whale Activity Spikes
Big players moved quickly as INJ tumbled. Whale accumulation accelerated during the 9.8% price dip, absorbing the selling pressure. These large transactions didn't come out of nowhere—they happened right when prices bottomed near the critical support level.
Long Positions Remain Dominant
Over six in ten traders still hold long positions despite the drop. That 60.8% long positioning shows most market participants haven't abandoned their bullish stance. The dip didn't trigger widespread panic selling among the majority who bet on higher prices.
Support Holds Firm
The $5.77 level proved its importance as INJ's price floor. After the sharp selloff, the token stabilized exactly at this critical threshold. Holding this line gives bulls a fighting chance to rebuild momentum without deeper losses.
Path to $7.50 Takes Shape
Technical indicators suggest the current lull is just a controlled reset. The market isn't breaking down—it's pausing before the next move. A clean breakout above current resistance could push INJ quickly toward the $7.50 target traders are watching.
Traders now wait to see if INJ can clear $6.00 resistance in coming hours to confirm the path toward $7.50.
