The price of Injective (INJ) jumped more than 13% to $5.91 on Tuesday, driven by aggressive taker buying and a wave of short sellers caught off guard. The move pushed the token above a key pivot level, with traders now eyeing the next resistance at $6.21.
What Drove the Rally
The surge was fueled by heavy buying pressure from takers — traders who accept existing orders rather than placing limit orders — which overwhelmed the order book. At the same time, a large number of short positions were liquidated, adding fuel to the upward move. The combination created a classic short squeeze, forcing bears to cover at higher prices.
Market data shows the buying was concentrated and aggressive, suggesting institutional or whale activity rather than retail FOMO. The volume spike accompanied the price breakout, lending credibility to the move.
Key Levels to Watch
If INJ holds above the pivot level, the next target is $6.21 within days, according to technical analysis. A further target of $6.50 has been mentioned, though details on that projection remain incomplete. The immediate risk is a pullback if the token fails to sustain its gains, which could see it retest support near $5.50.
Traders are watching whether the buying pressure continues or fades. The short squeeze dynamic could exhaust itself quickly, leaving the token vulnerable to a correction. No official statements from the Injective team or exchanges have been released regarding the price action.
