Nasdaq approved the first INJ pledged ETF, with the trading code being INJC, aiming for a pledge ratio of approximately 90%.
Analysts point out that INJ is building a foundation for accumulation around $8.45, while the market's attention is focused on the potential target of $60.
Some analyses suggest that if the price breaks through the range of $12 to $15, it could trigger a more aggressive upward movement, even at the weekly time frame.
After the NASDAQ Stock Exchange listed this first INJ pledged ETF, the search popularity for Injective tokens is on the rise.
Wall Street is officially integrating another type of crypto asset into the traditional financial system, allowing investors to access related exposures through regular brokerage accounts.
However, having institutional custodians handle network keys seems somewhat counterintuitive for a project based on decentralized finance.
Why Wall Street is optimistic about the Injective protocol
To be honest, many people who search for the Injective token online may not really be able to fully explain the proof of stake mechanism.
But now, what the market sees is an exchange-traded fund (ETF) that aims to track the spot INJ, and at the same time, it pledges approximately 90% of its holdings through service providers such as BitGo.
Financial institutions quickly package a Layer network into a concise product in order to attract traditional capital, without having to explain to investors how the wallet works, which is quite efficient in itself.
Decomposing the price trend of Injective
While the institution celebrated the approval of the file, traders focused their attention on the price chart of Injective.
The asset is currently near $8.45 and has been in a downward trend for the past few months, with each rebound being met with selling pressure.
However, when viewed on a weekly chart level, one can observe the formation of a familiar pattern of accumulating buying power (or "sucking in funds").
Injective Can encrypted assets rise to $60?
Optimistic analysts have set aggressive targets, believing that if the current catalytic factors continue to develop, the weekly chart of INJ could ultimately extend to $60.
However, looking at it more realistically, market participants are more concerned with a narrower range.
Once Injective's encrypted assets successfully break through and re-establish themselves in the resistance range of $12 to $15, the subsequent rise could become very rapid.
Before that, it was still just another speculative craze, waiting for the next piece of news to emerge.
