Injective (INJ) is showing renewed strength as technical momentum stabilizes and market activity improves. Growing trader participation and a completed token burn are lending further support to the bullish outlook, while analysts remain focused on a potential long-term recovery if key support continues to hold.

At the time of writing, INJ is trading at $5.09 with a 24-hour trading volume of $56.91 million and a market capitalization of $509.92 million, according to CoinMarketCap. The INJ price has gained 4.22% over the last 24 hours.

MACD and Bollinger Bands Point to Improving Momentum

According to TradingView chart analysis, INJ has shifted from a summer downtrend into recent range-bound consolidation.

After dropping from near $7.00 in June to a low around $3.95 in mid-August, the token rallied sharply toward $6.00 before retracing. It currently trades at $5.078, holding firmly just above the 20-day moving average support at $5.03585.

Technical indicators frame a stabilizing market environment with cautious momentum. The Bollinger Bands range between resistance at $5.77781 and support at $4.29389. Meanwhile, the MACD indicator shows a slightly negative histogram reading of -0.02674, with the blue line sitting just below the orange signal line, indicating a pause in the recent short-term bullish momentum.

INJ Price Eyes $90 as Bullish Cycle Returns

The crypto analyst known as "chief of overthinking" noted that Injective (INJ) is once again testing a historically important long-term support zone, reviving speculation that another major expansion could be forming. Source: chief of overthinking's X post

Previous cycles saw INJ climb toward $25 and later $45 after similar periods of accumulation. If the broader pattern repeats, traders are watching the current floor closely for signs that a third expansion phase may be beginning.

A breakout combined with continued momentum could pave the way toward the $80–$90 area. Nevertheless, those targets are highly speculative, as they depend on buyers' ability to defend support and reclaim resistance levels. A breakdown of the long-term floor, by contrast, could signal that the bull phase was an illusion.

INJ Market Activity Accelerates With Volume Surge

Coinglass data showed that Injective (INJ) has been seeing greater movement in the markets, with derivatives volume spiking 44.18% to $138.55 million.

Open interest also rose 4.88% to $97.84 million, indicating greater trader involvement and new capital flowing into derivative markets.

The derivatives activity is notable for Injective specifically because the network is a blockchain built for finance applications, including orderbook-based derivatives trading, so growth in on-chain and off-chain derivatives flows is closely tied to adoption of the platform itself.

Following bullish price predictions, improving technicals, and strengthening derivatives metrics, the INJ price is moving upward. This move is also supported by the broader crypto market trend, as the BTC price has begun climbing.

Injective Burns 25,200 INJ in September Buyback

Data from Injective confirmed that the network has concluded its September Community Buyback, with 25,200 INJ tokens permanently removed from circulation. This is part of the network's continuing effort to manage token supply, an integral component of its tokenomics policy. Through the process, Injective expressed gratitude to the community members who participated.

🔥 JUST IN: 25,200 $INJ has been permanently removed from circulation with the conclusion of the September Community BuyBack. Thanks to all the ninjas that participated. Head over to the Injective Hub to claim your rewards! pic.twitter.com/uBE1jRwbvy — Injective 🥷 (@injective) September 2, 2026

(X post)

The burning of INJ reduces the number of tokens available for circulation, adding a deflationary aspect to the token's supply. Injective operates a recurring deflationary mechanism in which a portion of the fees generated by the network's applications is used to buy back and burn INJ on a regular schedule, making the September buyback part of an ongoing program rather than a one-off event. A burn alone does not guarantee price appreciation, but continued supply burns could become increasingly significant if demand grows.

What Happens Next?

The INJ price may largely depend on how well buyers hold support levels and break through nearby resistance. A breakout to new highs accompanied by higher volume would help accelerate the price recovery and provide stronger targets for traders. Ongoing token burns may continue to provide support for the token.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.