Injective releases Avalon upgrade, INJ prices rally 14%
Injective protocol, the decentralized derivatives trading exchange, has activated the Avalon upgrade on the mainnet.
In response, INJ, the protocol’s native token, is up 14.4% in the past 24 hours and is one of the top performers, surpassing bitcoin (BTC).
Enhancing Injective’s capabilities
The Avalon upgrade improves the DEX’s performance, scalability, and user experience.
Enhancements include the implementation of layer-1 scalability optimizations, improvements which the protocol say will improve speed and transaction efficiency enabling a smooth trading experience.Â
The upgrade also sets the base for sub-second block times. This could held reduce latency and increase trade execution speeds.
Injective intends to revamp its proof-of-stake (PoS) delegation mechanism. With the Avalon upgrade, the project is augmenting the delegation process, providing users with more control over their staked assets and optimizing the overall security and decentralization of the network.
INJ acts as the exchange’s governance token.
INJ is rallying
Following this upgrade, INJ prices have support.
According to CoinGecko, INJ is currently trading at $7.56, a 14.4% rally in the past 24 hours.
In the weekly timeframe, INJ is up 9.3%.
With a circulating supply of 80 million INJ, its market capitalization stands at $591,704,136.
On the charts, INJ prices now trend above previous resistance level of $7. Immediate resistance levels stand at $7.85 and $8.42.Â
However, caution is advised as the value of Relative Strength Index (RSI) on the daily timeframe stands at 61.9, indicating that the token may be approaching overbought territory.
The RSI is a popular technical indicator for measuring an instrument’s momentum.
In the event of a price retracement, support levels can be expected around $6.0 to $5.65.
