INJ has been quite active these days. I just looked at the data, and the price has already broken through the previous resistance level of $3.33, now fluctuating around $3.61. Although the 24-hour increase isn't as large as expected, the underlying story is more worth paying attention to.

Recently, Injective launched official futures contracts in the United States, listed on CFTC-regulated Bitnomial, which is an important signal for institutional investors. At the same time, in April, the community bought back and burned 51k INJ tokens, gradually easing supply-side pressure. These structural changes are happening.

Even more interesting is that open interest has increased by 20%, indicating that not only spot prices are rising, but new positions are entering the derivatives market. Looking at data through tools like coinalyze, this pattern of simultaneous rising OI and price usually suggests trend continuation rather than distribution. Institutional participation is indeed increasing.

The next key level is $4.0, which is both a liquidity concentration zone and a psychological barrier. The current path still looks open, but the real test will come when approaching this level. If it can hold steady and break through, there may still be room to run; a pause here is also quite normal. The current momentum remains bullish.