The monthly active addresses on the Injective network blew up by 6x month over month, reaching nearly 850K with several on-chain developments and integrations. However, INJ is still struggling below the $6 price level. However, an analyst stated that the $3-$5 level is a deep accumulation zone.
Injective active addresses increase by 6X month over month
The injective network’s active addresses spiked by following many enhancements and partnerships. The active addresses increased by over 6 times MoM, reaching nearly 850K.
An increase in active addresses means that more unique wallets are interacting with the blockchain by sending transactions, using applications, or otherwise engaging with the network. For Injective, the sharp rise in active addresses suggests that network usage and user participation are growing, which can signal stronger adoption of the ecosystem.
INJ faces rejection at $6
However, INJ is struggling below the $6 level. Although INJ just crossed the $6 level, the selling pressure was too high and the bulls could not hold it together. Now that INJ has rebounded off of the $6 level, the selling pressure continues to weigh down, and INJ continues to fall.
Currently, INJ is just above the $5 support level, and a slip below this level would mean it would fall into the $3-$5 zone, the analyst Crypto Patel pointed out. The analyst pointed out that this area is a long-term accumulation zone. Adding further to a potential bullish outlook, the analyst mentioned that INJ is 95% down from the cycle, which makes a rally more realistic based on historic data.
Given that history repeats, Crypto Patel expects INJ to hit $80. Meanwhile, Injective’s September Community Buyback round filled on its opening day, with more than $168,000 worth of INJ committed to the program. Injective’s September Community BuyBack is a mechanism designed to return a portion of the ecosystem’s revenue to participants while permanently reducing the supply of INJ.
During the buyback, users commit their INJ tokens to the program, giving them a pro rata share of the revenue generated by the Injective ecosystem. Once the buyback is completed, the committed INJ is permanently burned, meaning those tokens are removed from circulation and can never be used again
