INJ saw a significant strengthening after Binance US announced support for Injective staking. Foreign media reports that the token, after a surge in volume, has approached a key resistance level, and its short-term direction depends on whether it can hold above higher prices.
Binance US news drives prices higher
The report noted that INJ surged over 11% that day, reaching nearly $6, with trading volume also increasing. This rally occurred after Binance US increased its staking support. The market generally views this change as positive, as it improves the token's availability in the US market and provides holders with more yield options.
On-chain data returns to profitability range
Foreign media, citing data from Glassnode, reported that the Spent Output Profit Ratio (SOPR) has risen back above 1. This indicator is typically used to observe whether holders are in a profitable or loss-making position when they sell.
The SOPR returning above 1 indicates that more holders are starting to sell in a profitable state. The article argues that this change did not immediately suppress prices; instead, it shows that new buying is absorbing selling pressure, and market sentiment has improved compared to previous weeks.
Open interest rises to multi-month high
Derivatives data shows that INJ's open interest has risen in tandem, reaching a multi-month high. Foreign media believe that the increase in open interest accompanying the price rise usually indicates the entry of new funds, rather than simply a shift in existing positions.
Meanwhile, funding rates remain relatively moderate. Based on this, the report concludes that the current rise is not entirely driven by high leverage sentiment, and the risk of a large-scale short-term sell-off is currently limited.
The market is focusing on several key price levels.
- Near-term support is at $5.15.
- The main resistance level is between $6.20 and $6.30.
- Watch for resistance levels at $7.38, $8.22, and $9.19.
Foreign media believe that $6.20 to $6.30 remains the most important short-term resistance level. If the price breaks through this range effectively, the trend may continue to advance towards higher targets; if it encounters resistance in this area, the pace of the market may slow down. If it continues to fall below $5.15, the current corrective trend will face greater pressure.
