- Crypto trader predicts Injective (INJ) will reach his $50 target soon.
- INJ has rallied 500% since Mags’ initial prediction in May.
- Injective’s INJ set a new ATH during the current rally that is nearly twice the previous ATH.
A cryptocurrency trader and analyst identified as Mags on X (formerly Twitter) has predicted that the price for INJ, Injective’s native crypto, will reach the $50 mark soon. Mags supported his prediction with a screenshot of a chart analysis he made long before the recent rally began.
Mags’ initial prediction was on May 28, when INJ’s price attempted to break above a downward trendline. As of then, he posted the chart, using a curved arrow to show that INJ, which traded at $6.808, would break above the trendline and head towards $14, with a lower resistance at $11.697.
The recent post by Mags showed that INJ surpassed the initially targeted $14 region and tested it multiple times before converting the level to significant support. After bouncing off the $14 support, INJ experienced an exceptional rally. According to Mags’ post, INJ has rallied up to 500% since his initial prediction in May.
As of Mags’ latest post, the community-governed crypto asset traded for $39.107 after rallying steeply. Yet, Mags expects the rally to continue until INJ reaches $50.
INJ is the native crypto of the Injective blockchain, an open, interoperable layer-one blockchain for building decentralized finance (DeFi) applications. The blockchain token’s recent rally has pushed its price to a new all-time high (ATH), nearly twice the value of its previous ATH reached during the last bull cycle in 2021.
The previous ATH was achieved in May 2021, before the digital token lost nearly all of its gains in the following bear market, according to data from CoinMarketCap.
INJ started recovering at the beginning of this year when the price rallied to nearly $10 in April. The blockchain token’s current rally is steep and steady, with no historical barrier to act as a technical resistance. However, Mags expects the price to reach $50, a traditional psychological level that could impact INJ’s price movement.
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