Injective's Governance Proposal Passes with 99.89% Support, Overhauls Tokenomics
- Governance Proposal Passed: Injective's tokenomics overhaul proposal received 99.89% support on Monday, reflecting strong community consensus on reducing token issuance and enhancing the buyback-and-burn program, thereby increasing INJ's scarcity and long-term value.
- Token Burn Progress: Following the proposal's implementation, Injective has removed approximately 6.85 million INJ from circulation through burns, which is expected to accelerate token removal and further position INJ as a more deflationary asset, despite its nearly 80% price drop over the past year.
- Optimistic Market Reaction: Although INJ fell about 8% on Monday, community reactions to the governance changes were largely positive, viewing it as a structural shift rather than a short-term market catalyst, potentially laying the groundwork for future price recovery.
- Continued Institutional Engagement: Despite total value locked plummeting from over $60 million in 2024 to $18.67 million, Injective continues to attract institutional interest, with Cboe and Canary Capital filing for a staked INJ ETF, indicating confidence in its long-term potential.
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Technical Analysis for INJ
Technical Sentiment Analysis for Injective (INJ) As of , Injective (INJ) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for INJ stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, INJ is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Injective (INJ) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 1.323 | 1.987 | 2.681 | 3.345 | 4.039 | 4.703 | 5.397 |
| Fibonacci | 1.987 | 2.505 | 2.826 | 3.345 | 3.863 | 4.184 | 4.703 |
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