INJ's recent performance is starting to get interesting. After the regulated contract went live in the US, the market response was clear, with the price breaking through the long-term resistance level of $3.33 in one go, now already around $3.44. Although the 24-hour increase doesn't seem particularly dramatic, what's behind it is more worth paying attention to.

Looking at derivatives data, it's clear that it's not just retail investors buying. Open interest surged by 20%, indicating new positions entering the market, and trading volume also increased simultaneously, which usually means the trend will continue. At the same time, supply is shrinking; the community repurchase in April removed another 51K INJ from circulation. Although this isn't a large amount on its own, the ongoing reduction in supply combined with rising demand is indeed changing the market balance.

On the technical side, the price has shifted from range-bound oscillation to trend movement, with higher timeframe momentum building. According to Coinalyze data, the next clear liquidity zone is around $4.0, which is a psychological threshold and typically triggers strong reactions. The current path looks relatively smooth, but the real test will come when the price approaches that level.

Institutional participation is increasing, and factors like contract regulation, reduced supply, and rising open interest are happening simultaneously, which is definitely positive for the trend. However, in the short term, it still depends on whether $4.0 can hold steadily. A clean breakout could continue the rally, but consolidation around that level is also very normal.