Injective (INJ) Is Back at the Level Where It Did 40X: Same Setup

Injective (INJ) may be poised to repeat its past success. According to analyst Crypto Patel, the current INJ price action closely resembles the structure that preceded its previous significant breakout. The pattern unfolding on the chart mirrors the events before INJ surged 40x, climbing from just under $1 to over $50.

The chart reveals three distinct phases: an initial sharp rise, a subsequent deep correction, and an extended period of accumulation just below a key resistance level. Currently, INJ appears to be at a similar inflection point that marked the beginning of its last bull run.

In the prior cycle, Injective experienced a rally from approximately $0.65 to $25, followed by a decline to $1.12, before rebounding to a high of $53. This entire sequence formed a 1-2-3 fractal, which Crypto Patel identifies as the same formation currently observed.

The initial upward movement propelled INJ from below $1 to over $25, representing a gain of over 4,000%. Following this, a sharp correction of over 95% brought the price back to the $1 range. A subsequent rebound in a second wave led to a peak of $53 before the price topped out and entered another downtrend.

The current cycle is developing in a similar fashion. The recent high around $53 has been followed by a correction down to $6.34. This 87% pullback bears a striking resemblance to the previous one. Analogously, Injective is now consolidating sideways beneath a descending resistance line, within the same accumulation zone as before.

Analyst Targets $200 If INJ Breaks the Structure

Crypto Patel's chart indicates that if this pattern persists and INJ breaks out of the current structure, the next upward wave could target $200. This would signify a move of over 2,000% from current levels, mirroring the explosive rally witnessed in the last cycle.

The strength of this projection lies in the close resemblance of the current structure to the previous move. Both cycles exhibit the same steep rally, the same significant correction, and the same sideways consolidation under resistance. In both instances, the support zone during the correction has remained robust and served as an accumulation area.

Crypto Patel notes that the breakout level this time is just above $17. If Injective surpasses that resistance trendline with sufficient volume, the technical pattern would be confirmed, potentially triggering a third wave. This could mark the commencement of the projected move towards the $200 region.

INJ Price Structure Suggests a Major Breakout Is Imminent

Currently, Injective is trading around $14, consolidating within the green support zone depicted on the chart. The resistance trendline that previously capped price action is once again acting as a ceiling.

If history repeats itself, this could be the moment preceding another explosive rally. According to Crypto Patel, many traders missed the previous 40x move. With the same fractal setup reappearing, the question is whether they will miss the next one as well.

The market has previously witnessed this structure play out on INJ, and if it breaks out again as it did before, a target of $200 may not be as unrealistic as it seems.