Injective has shown a strengthening trend recently, and an important factor behind this is the continuous expansion of the pledged volume. As more tokens are locked up, the supply available in the market decreases, and the price of INJ has also risen significantly over the past 24 hours.

Pledge volume rises to a historical high

The pledged supply of Injective has risen to 58.8 million INJ, setting a new high. The article states that this figure exceeds the peak of around 42 million in 2023, indicating that the participation rate of token holders continues to increase.

Derivative positions increased simultaneously.

While prices are rising, the number of open contracts for INJ has reached 3.23 million, indicating that participation in the derivatives market is also increasing. As mentioned in the original text, prices have broken through the range of $6 to $6.20, and the short-term trend has subsequently improved.

Pay attention to higher resistance levels in the future.

The article mentions observation levels of $7.38, $8.22, and $9.20. If the price continues to remain stable within the current range, the market will continue to watch for the possibility of it approaching $10 further.