Injective (INJ) rallied sharply on Sept. 19 as two developments drew attention to the network: asset manager 21Shares amended its proposed Injective ETF registration statement, and INJ completed a native expansion onto Solana. The token rose about 18% over 24 hours, trading near $6.88 in the latest CoinMarketCap reading, with market capitalization up 23.8% over the same period.

INJ had already rallied following its Sept. 17 Solana rollout, and the amended ETF filing arrived a day later, making it difficult to attribute the price move solely to the regulatory update.

Price Climbs as Trading Volume Expands

INJ moved from about $5.98 to $7.60 during the 24-hour session, with steady gains through most of the period followed by a sharper advance once the price cleared $7.00. The token briefly approached $7.70 before trading near the upper end of the displayed range, and volume stayed elevated throughout the move.

Market activity expanded alongside the price. CoinMarketCap showed a market capitalization near $759.8 million, up 23.8% over the same period, while 24-hour trading volume reached roughly $281 million, an increase of 194.4%. The volume-to-market-cap ratio stood at 36.61%.

Supply data showed about 99.97 million INJ in circulation against a reported total supply of 100 million tokens, and fully diluted value stood near $760.05 million. The figures indicate that nearly all of the reported token supply was in circulation during the latest rally, leaving little unissued supply to enter the market and effectively closing the gap between market capitalization and fully diluted valuation.

21Shares Updates Injective ETF Filing

21Shares filed an amended S-1 registration statement for its proposed Injective ETF on Sept. 18, following the original filing submitted on Oct. 20, 2025. The proposed fund would seek exposure to INJ through a traditional exchange-traded structure, though the filing itself does not authorize the product to begin trading, and the U.S. Securities and Exchange Commission (SEC) review remains ongoing. Amended S-1s are a routine step in the SEC's vetting process for exchange-traded products, with issuers typically revising registration statements, often in response to staff feedback, before a fund can be cleared to list; similar rounds of revisions preceded the launches of earlier U.S. spot crypto ETFs.

The updated proposal targets a Nasdaq listing under the ticker TINJ and names the FTSE Injective Index as the pricing benchmark. The structure allows 21Shares to stake part of the fund's INJ holdings and reflect staking rewards in the product, with reports on the amendment placing the target staking between 40% and 60%, subject to liquidity needs. Staking inside an ETF wrapper would let the fund earn network rewards on part of its holdings rather than leaving them idle, an approach other issuers have also built into proposed U.S. crypto funds.

BNY Mellon is named as administrator, transfer agent, and cash custodian in the updated proposal. The original S-1 described 21Shares US LLC as the trust's sponsor and outlined plans for direct INJ holdings. Custody arrangements remain unresolved while the SEC review continues, and further amendments or SEC feedback would represent the next observable steps in the process.

Solana Launch Broadens Access to INJ

The price move also followed INJ's launch on Solana as a native SPL token on Sept. 17. The rollout added access through Solana-based trading and decentralized finance venues, including Jupiter, Raydium, Meteora, Pump.fun and DFlow. Jupiter and Raydium rank among Solana's most heavily used decentralized trading venues, so the expansion placed the token directly alongside the chain's established liquidity. Injective highlighted the rollout through posts on its official X account (post, post).

CoinMarketCap reported the Solana launch alongside the ETF amendment during the same trading period, and both developments arrived as spot volume accelerated. However, the available market data do not separate buying linked to the Solana rollout from buying tied to the ETF filing. The timing only indicates that both events occurred during the broader rise in INJ's price and trading volume.

Technical Levels in Focus

According to the latest INJ price prediction cited in the report, INJ could move toward $15.80 if its current higher-low structure holds, with that level identified as the first major resistance. Reaching the zone would require the to more than double from $7.60. A break above $15.80 could place $33.20 as the next level to watch, followed by $47.16 as the next major target if the upward structure continues. The broader setup follows a sequence of higher lows after INJ recorded major cycle highs in 2021 and 2024.

This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency investments involve risk, and past performance does not guarantee future results. Readers should conduct their own research before making investment decisions.

Source: The Market Periodical — INJ Price Rallies Over 20% as 21Shares Updates Injective ETF Filing