Injective (INJ) Down 20% As Market Retracement Forces Sell-Off
As the market buckles under the weight of the bearish sentiment, the altcoin market is continually being pulled further down forcing losses to altcoin holders. Injective is one of those altcoins facing massive losses with the token’s price slashed by 20% since last week, representing a strong bearish sentiment in INJ’s market. Despite the market’s underperformance, the platform continues to cement itself as a premier Layer 1. Although the losses for investors and traders are painful, continued developments like these will stabilize the shaken investor confidence in both Injective and the token. Network Metrics Show Stable Growth October started wonderfully for Injective as the platform announced that the network had processed a whopping 1 billion total transactions. This metric shows that the network can cater to a growing number of users which also grew in conjunction with the transactions. 1 BILLION TOTAL TRANSACTIONS ON INJECTIVE 🚀 This is just the beginning. Nothing can stop the rise of ninjas. pic.twitter.com/iwUX4uEmzE — Injective 🥷 (@injective) October 2, 2024 Injective Hub, an X account dedicated to showing the latest developments on the platform, recently shared that Injective experienced a huge growth spurt in active addresses. According to the post, the platform encountered an astonishing 126% average active address growth, ranking Injective to be top 1 in the metric outpacing the likes of Sei, Ethereum, Base, and Solana. Top Blockchains by Average Active Addresses Growth (7D) No need for words, just don’t fade this, nINJas! 🚀#Injective $INJ pic.twitter.com/rAITgiAkTU — INJ Hub 🥷 (@Injective_Hub) October 3, 2024 This month, investors and traders should expect more users in the coming weeks as Injective enters into a partnership with Caldera, an Ethereum roll-up platform, becoming a part of Metalayer. This interoperability layer enables omnichain operability for users of the platform. This will enable a new generation of interoperability for the participating blockchains and Injective, introducing the platform to new users on Metalayer. Injective market cap currently at $1.9 billion. Chart: TradingViewInjective Poised For Higher Levels As of writing, INJ is trading on a green candle as the bulls attempt to break through the $19.94 resistance level in the short term which might be the sign investors and traders are waiting for in the coming days. The relative strength index also suggests this thesis. Right now, the token is entering a possible reversal area that will affect the growing bullish momentum. The past few days have been bloody for INJ, but the market’s strength coupled with strong on-chain development will affect the token’s price positively in the coming weeks. INJ’s significant correlation with Bitcoin and the broader market will also play a big role on the token’s future performance. If the major cryptocurrencies continue to slip in the coming days, investors and traders should expect INJ to experience a drop towards $17.71. However, a return to bullishness in the next couple of days will drive the token to stabilize on its current support at level at $18.57. Featured image from Medium, chart from TradingView Christian Encila They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one. Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.