$INJ

‌ is crushing it today – but here's what the smart money is watching closely!"

INJ is up 10.47% at $6.318, after hitting a 24h high of $6.715 and a low of $5.588. The move has been fueled by a record-breaking 58.8 million INJ staked on-chain – a new all-time high. That's a massive chunk of supply locked up, tightening the available float. The protocol is also expanding its financial infrastructure and real-world asset (RWA) ecosystem, adding fundamental weight to the rally.

Technically, INJ broke above a descending trendline that had capped the recovery and pushed through the recent resistance cluster. EMA5 ($6.284), EMA10 ($6.274), and EMA30 ($6.280) are all aligned bullishly. MACD is positive at 0.007, with DIF (-0.005) approaching DEA (-0.013) – a bullish crossover is forming. Volume is strong with MA5 (8.51K) above MA10 (7.62K), confirming buying interest.

But there's a catch. Open interest dropped 6.58% during this rally – that combination (price up, OI down) almost always signals short covering, not fresh conviction buying. The taker buy/sell ratio of 1.18 confirms aggressive spot buying is real, but the MACD histogram flattening at zero is already waving a yellow flag. The move hasn't been matched by accelerating momentum.

The immediate resistance sits around $7.00**, followed by the **$7.50–$8.00** zone. A daily close above $7 would strengthen the breakout and open the path to $9.00. On the downside, **$5.30–$5.00 is the key support region – as long as INJ holds above that area, the bullish structure remains intact.

Trading Plan:

· Entry: $6.30 – $6.35
· Stop Loss: $6.60
· TP1: $5.90
· TP2: $5.60
· TP3: $5.20

👇 Do you think INJ has the momentum to break $7, or is this a short squeeze running out of steam? Drop your thoughts below!