Injective (INJ) declined 10.2% over the past 24 hours, reversing a bullish start to the week that saw the token rally 6.45% from $5.90 to $6.28. The losses followed a Bitcoin sell-off triggered by the failed passage of the CLARITY Act vote in the Senate. The broader crypto market experienced $637 million in liquidations during the period, with $525.3 million of those being long positions. Despite the short-term downturn, Injective’s long-term price trends indicate signs of recovery, with the token’s 1-day structure remaining bullish following a 155% rally from $2.74 to $7.00 in April and May.
The past 24 hours saw $637 million in liquidations across crypto markets, with $525.3 million of those being long positions, meaning most of the market faced sizeable losses including Injective. Injective has been trending downward since 2025, when it slipped below a pivotal support zone around $16.15, with the same area retested in mid-July as resistance before another sell-off. The downtrend’s latest lower high at $5.90, set in January, was finally breached in May, and after a retracement to $4.10 the INJ bulls were once again fighting to clear the $5.90 resistance zone.
Bitcoin has already tested the $82k supply zone, the high from May, and faced rejection, making a deeper retracement appear likely. The 1-day price structure for INJ has been bullish since the 155% rally the altcoin made from $2.74 to $7.00 in April and May, and after a period of retracement the internal structure was once again bullish. Buyers were able to drive a rally beyond the $6.05 previous local high to record a new local high at $6.71, with the retracement back below $6 since then considered part of a healthy market.
If Injective can stay above the $5.26 demand zone it would be a good sign for the bulls, while a price slide below $4.65 would invalidate the bullish bias on the daily timeframe. The CLARITY Act vote and the 92.5% rate hike odds have made crypto market participants increasingly bearish over the past 24 hours. Injective price trends have reflected the short-term bearish sentiment shift, but it has also retraced into a key local demand zone.
