Injective (INJ) price is attempting to recover after falling below the $35 support level and hitting a monthly low.
Given the recent massive INJ accumulation, crypto whales will likely be the catalyst for the recovery.
Crypto Whales Supports Recovery
Injective price is currently trading at $34 after correcting more than 16% over the past week. During the same period, network activity increased as seen by Daily Active Addresses (DAA).
When the price falls and DAA rises, the market gives a buy signal. This is the case for Injective, as the altcoin has been showing buy signals over the past week.
This signal appears to have been picked up by crypto whales. These companies took full advantage of the price drop and added more than 740,000 INJ in one day. With these $24.8 million worth of his INJ, the supply of virtual whale addresses reached his $10.69 million INJ.
It is worth noting that crypto whales are known to have a large impact on prices. During periods of accumulation, prices rise and during periods of selling, prices fall.
Given the recent build-up, this could also impact INJs.
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Subjective price prediction
The injection price is close to breaking the $35 resistance level. If the bulls break through this barrier and turn into support, a recovery is possible and INJ could reach $40.
However, if the resistance break fails and the altcoin witnesses broader bearish cues in the market, INJ could fall to $30. A breakout of this support floor will invalidate the bullish argument and result in a fall towards $28.
Disclaimer
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