INJ hits new all-time high as whale activity doubles

Injective (INJ) has recorded impressive gains since December 2023 and recently touched a new all-time high (ATH).

INJ is up by 15% in the past 24 hours and is trading at $48.8 at the time of writing. The asset reached a new ATH of $52.65 at 01:00 UTC on March 13 with a total market cap of $4.92 billion. 

Notably, it’s the second time in the past two weeks that INJ hit record highs as the market-wide bull run continues. 

According to data provided by Santiment, the number of whale transactions consisting of at least $100,000 worth of INJ tokens rallied by 90% over the past day — rising from 56 to 106 unique transactions per day.

Higher price volatility is usually expected when an asset’s whale activity witnesses a sudden hike.

Moreover, data from Santiment shows that Injective’s exchange flow balance has been consistently declining since March 9. Per the market intelligence platform, investors sent over 134,000 INJ tokens — worth $6.6 million — from cryptocurrency exchanges to their self-custodial wallets over the past 24 hours.

The accumulation shows that some investors are looking for long-term investments rather than short-term profits.

On the other hand, INJ’s Relative Strength Index (RSI) recorded a 7% hike in the past 24 hours — rising from 61 to 65. The indicator suggests that Injective is slightly overheated at the moment and an RSI of lower than 60 would signal a bullish momentum.