- Injective breaks key resistance at $15.50, signaling the potential for a technical breakout continuation toward $26.
- Internal deployment of the EVM mainnet boosts investor confidence as Ethereum compatibility nears public availability.
- SBET expands Injective’s ecosystem by tokenizing SharpLink’s $1B treasury, adding yield utility through the iAssets framework.
Injective (INJ) has moved above key resistance at $15.50, confirming a breakout from an ascending triangle formation on the daily chart. The token reached an intraday high of $15.85, showing momentum after previously failing to maintain a similar breakout. The move aligns with a bullish crossover between the 20-day exponential moving average (EMA) and the 50-day simple moving average (SMA), which continues to support upward price action.
The 20-day EMA is an important support, as it supports INJ to stay in gains after the false breakout. Technical indicators point to further guarantees. The Relative Strength Index (RSI) is at 68 and this is a bit below the overbought conditions. The Moving Average Convergence Divergence (MACD) index is also bullish in its side, with the MACD line remaining above the signal line and the histogram registering green bars in several sessions.
Potential for 60% Price Rally
If INJ closes above the $15.50 level on the daily chart, the measured move from the triangle pattern suggests a possible target near $26. This projection is based on the height of the ascending triangle added to the breakout point. The current setup reflects strong buying interest and increasing confidence from market participants.
The ongoing breakout is accompanied by significant project developments. Injective recently completed the internal deployment of its Ethereum Virtual Machine (EVM) mainnet. This follows the successful launch of its testnet earlier this month. Once fully launched, the EVM will enable Ethereum-compatible applications to run natively on Injective’s Layer 1 blockchain.
SBET Launch Expands Use Case
In addition to the EVM progress, Injective introduced SBET, which represents the tokenized form of SharpLink Gaming’s $1 billion Ethereum treasury. Built on Injective’s iAssets framework, SBET provides yield-generating opportunities on-chain and broadens the protocol’s use cases. The launch was one of the most discussed events in the ecosystem last week.
