Injective price (INJ) approaches its key support area on Tuesday with on-chain data indicating a recent capitulation event for INJ and rising development activity.
Injective price approaches its key support area between $17.77 to $18.46. Network Realized Profit/Loss metric shows INJ’s capitulation event on June 17. On-chain data suggests INJ’s development activity is rising, signaling positive sentiment among investors. A daily candlestick close below $17.77 would invalidate the bullish thesis. Injective price approaches its key support area on Tuesday with on-chain data indicating a recent capitulation event for INJ and rising development activity.
Strong spikes in a coin’s NPL indicate that its holders are, on average, selling their bags at a significant profit. On the other hand, strong dips imply that the coin’s holders are, on average, realizing losses, suggesting panic sell-offs and investor capitulation. In INJ’s case, the NPL indicator slumped from -105,050 to -2.91 million in one day, coinciding with a 13.7% price crash.
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