Injective Protocol Price Prediction: Can INJ Hit $50 Before EOY
Injective Protocol has been the dark horse crypto of this year. The cryptocurrency has outperformed the industry heavyweights by posting phenomenal gains in 2023. Since the start of this year, the INJ crypto is up 2,332%, which is by far the best performance among the notable digital assets.
On Thursday, INJ price hit $33.62, which was the highest level in its history. As a result, the cryptocurrency has ascended to the rank of the world’s 34th biggest digital asset in terms of market capitalization. In the past 24 hrs, $448 million worth of INJ has traded on the global crypto exchanges.
INJ is the native asset of Injective Protocol which is a layer 1 blockchain platform built specifically for high-performance DeFi applications like derivatives markets, spot exchanges, lending protocols and more.
With the latest surge, Injective price has soared to its highest level in history, making it one of the only few altcoins which have broken above their 2021 all-time highs. After hitting its peak of $25.3 in May 2021, it bottomed out at $1.13 in June 2022.
However, further upside depends on the bull’s ability to flip the $25 level into support. If this happens, the Injective Protocol price prediction will turn very bullish with the first price target of $39.65. This price target comes from the 1.618 fib retracement level which is often met after such breakouts.
If the Bitcoin price action remains favorable, the 2.618 and 3.618 fib levels could also be on the cards which currently lie at $63.4 and $87.18, respectively. However, these targets will be invalidated if the BTC price crashes or the INJ price breaks below $25.
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