Injective is showing quite an interesting momentum today. I see the INJ price has broken through $3.33 and is now settling at $3.62, even though it’s down 1.69% in the last 24 hours. But what’s more exciting is what's behind the movement—there are several factors starting to align.

First, the newly launched INJ futures on Bitnomial (, a regulated CFTC ) exchange, seem to be attracting institutional attention. Then, open interest has increased by 20%, meaning new traders are entering positions, not closing them. This usually signals a continuation of the trend, not a reversal. Plus, the community buyback in April removed 51K INJ from circulation, reducing supply pressure. This combination makes the short-term structure more bullish.

The next interesting target is the $4.0 zone—that’s a psychological level and a clear liquidity area. If INJ manages to break through there, the rally could extend further. But what’s most important now is for the price to stay above $3.33 to maintain the momentum. The growing institutional participation in derivatives is becoming a significant wildcard for INJ’s future.