Injective (INJ) price is attempting to recover after hitting a monthly low above the $35 support line.
Crypto whales are likely to be a catalyst for a recovery given their recent massive INJ accumulation.
Cryptocurrency Whale Support Recovery
The price of the injectable drug is currently trading at $34 after a correction of more than 16% in the past week. Over the same period, network activity has increased, as evidenced by daily active addresses (DAAs).
If the price falls and DAA rises, the market sends a buy signal. This is the case for Injective, as the altcoin gave a buy signal last week.
This signal appears to have been picked up by a crypto whale. These companies took full advantage of the price drop, adding more than 740,000 INJ during the day. These $24.8 million worth of INJ brought the cryptocurrency whale address supply to 10.69 million INJ.
It is worth noting that cryptocurrency whales are known to have a huge impact on prices. Prices rise during accumulation periods and fall during selling periods.
Given the recent buildup, this is likely to impact INJ as well.
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Injection Price Forecast
The price of the injection has almost broken the $35 resistance level. Breaking this barrier and turning it into support could allow for a recovery, potentially sending INJ towards $40.
However, if resistance is not broken and altcoins witness bearish market signals, INJ could fall to $30. Breaking out of this support will invalidate the bullish argument and lead to a drop to $28.
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