Injective (INJ) has hit a five-month high after retesting a crucial resistance level on Monday and attempting to break out from a bullish pattern. Some analysts suggested that the cryptocurrency will have a massive run in the coming weeks.<\/p>\n
Over the past month, Injective has recorded a substantial bullish performance, climbing 40% since late June, when the cryptocurrency traded below the $10 support. Since hitting its December high of $35.26, INJ has retraced around 60%, falling below this key support<\/a> multiple times.<\/p>\n During the April-May market recovery, the cryptocurrency broke out of its multi-month downtrend and climbed to its $10-$15 local price range, hitting a multi-month high of $15.48.<\/p>\n However, the June pullback sent the token\u2019s price to the $9 support zone before it bounced, tested the $10-$12 area, and broke out of its one-month downtrend in early July.<\/p>\n At the time, analyst Crypto Rand suggested<\/a> that a breakout above the $12 resistance level would \u201ctrigger the bull reversal,\u201d which would push the token\u2019s price toward the local range high.<\/p>\n Injective has been attempting to reclaim the crucial $15 range high since its early July breakout, hitting a five-month high of $16.35 on Monday and passing the $16 barrier for the first time since February.<\/p>\n Amid the token\u2019s momentum, Crypto Rand noted that \u201cINJ following the path, we are going straight to $30\u201d as the first stop.\u201d<\/p>\n He added that Injective has become the Layer-1 (L1) with the highest code commits over the past 365 days. A recent report<\/a> showed that the network is leading with 36,500 commits, 3.2% ahead of other L1s.<\/p>\n Analyst Ali Martinez highlighted that Injective could see a 66% rally if it breaks out of a triangle formation. According to the chart, the cryptocurrency has been forming an ascending triangle pattern since March, with the key resistance level sitting around the $15 area.<\/p>\n Amid its start-of-week pump, the cryptocurrency briefly broke out of the pattern but ultimately failed to hold above the crucial resistance. Notably, INJ fell below the $15 mark after failing to reclaim this level, retracing 10% intraday. However, reclaiming the key resistance would propel Injective to $25, a level not seen since January.<\/p>\nIs A Rally To New Highs Near?<\/h2>\n