Just seeing INJ move again, it has already broken above $3.44 with quite solid momentum. It seems there are several factors starting to come together here. First, the futures that have just been launched on regulated platforms are beginning to attract attention, plus the community buyback consistently reducing supply. This combination seems to be shifting the market balance.

What’s interesting is that open interest has increased significantly, meaning institutional traders are starting to enter and position themselves. This isn’t just a regular spot rally, but there’s broader participation in derivatives as well. When OI rises along with the price, it’s usually a continuation signal rather than an exit. INJ now has a more bullish structure than before.

The next target many are watching is the $4.0 zone. That’s a psychological level and also a clear liquidity zone. The path to that level is still open, but we’ll see how the market reacts as it approaches. If it can break through cleanly, the rally could continue. But if there’s a pullback, that’s not unusual either. Clearly, Injective’s momentum is shifting to a more positive direction with stronger fundamental and technical support aligning.