The cryptocurrency Injective (INJ) is approaching a key technical resistance level at $3.60 amid a significant reduction in its token supply. Over 7 million INJ tokens have been permanently removed from circulation through burn mechanisms. Analysts indicate that a confirmed breakout above this level could signal a shift in market structure and lead to higher price targets.
The cryptocurrency Injective (INJ) is testing a critical resistance level near $3.60, according to market data. This movement follows a weekly gain of over 10%, signaling strengthening momentum despite a recent drop in daily trading volume.
Analyst Trader Symba notes INJ is nearing a key inflection point after months of forming lower highs. A breakout above $3.60, supported by volume, could open the door to upside targets between $4.2 and $4.5.
Fundamental factors are also in focus, as the network has permanently burned over 7 million INJ tokens. This combines a one-time burn auction with ongoing Community BuyBack rounds that tie token scarcity to ecosystem activity.
Four Community BuyBack rounds have collectively burned more than 178,000 INJ and distributed over $776,000 to participants. The network is also expanding with planned integrations for USDC and a native cross-chain transfer protocol.
The token’s short-term trajectory will likely depend on whether it can sustain a break above the $3.60 level. Market participants are watching for a decisive move that could invalidate the broader downtrend.
