INJ price is currently testing a key breakout level after surging above $15.50, with a potential 60% rally in sight as momentum builds ahead of Injectives upcoming EVM mainnet launch.
Summary
- INJ price is in the middle of an ascending triangle breakout, with technical indicators supporting continuation.
- A daily close above $15.50 could target a move toward $26 — a potential 60% gain.
- Injective announced successful internal deployment of its native EVM mainnet, public launch expected soon.
Injective (INJ) price is currently in the middle of a breakout from an ascending triangle pattern on the daily chart, having pushed through horizontal resistance at $15.50 and reached an intraday high of $15.85 today. The move follows a bullish crossover between the 50-day SMA and the 20-day EMA, which remains intact. The 20-day EMA has continued to act as dynamic support, containing the recent pullback from last weeks failed breakout attempt.
Source: TradingView
While there is still a chance this breakout fails like the previous one—with the price just wicking above the upper boundary of the ascending triangle resistance before falling back inside the pattern—technical indicators currently lean toward a breakout follow-through scenario.
RSI is at 68, approaching overbought territory but still leaving room for a daily close above the triangle. MACD is also bullish, with the MACD line above the signal line and the histogram printing rising green bars.
If INJ price closes above $15.50, it opens the door for a potential move toward $26, based on the measured move from the height of the ascending triangle.
Whats driving INJ breakout？
INJ price breakout is unfolding alongside major fundamental news for the project, as the team has just announced the successful internal deployment of its native EVM mainnet. This milestone comes less than a month after the EVM testnet went live on July 3. Once publicly launched, it will allow developers to deploy Ethereum-compatible decentralized applications directly on Injectives Layer 1 blockchain.
It‘s also worth noting that Injective added SBET to its expanding suite of on-chain offerings, whih dominated headlines last Friday. SBET — the world’s first on-chain digital asset treasury — tokenizes SharpLink Gaming‘s $1 billion ETH treasury into a tradable, yield-generating asset built using Injective’s iAssets framework.