Injective Price Forecast: First-ever INJ staked ETF approval drives further gains

• With a 5% advance on Thursday, Injective is extending the previous day’s 9.51% gain.
• The Canary Staked Injective ETF, which would stake at least 90% of its holdings, has received Nasdaq’s listing approval under the ticker INJC.
• Buy-side dominance is indicated by a recovery in INJ futures Open Interest alongside a positive funding rate.

Buying interest in Injective (INJ) extends into a third consecutive day on Thursday, following news of Nasdaq’s approval on Monday for the listing of the Canary Staked Injective Exchange-Traded Fund (ETF). Rising Open Interest and funding rates, together with gains in the spot price, point to strong buy-side dominance in Injective derivatives. An upward bias also emerges from INJ’s technical outlook, with the near-term rally approaching the point at which prevailing bearish momentum could turn bullish.

Can the First-Ever INJ ETF Approval Sustain Injective’s Retail Demand?

A steady recovery in Injective this week has coincided with the broader crypto market’s post-midterms rally. The initial trigger for INJ’s price advance, however, was Nasdaq’s approval on Monday of the Form 8-A listing application for the Canary Staked Injective ETF (INJC). With BitGo serving as custodian, the ETF intends to stake 90% of its holdings and offer US institutional and retail investors access to INJ and staking rewards through brokerage accounts. 

Before public trading can begin, however, Canary’s INJC still needs to secure its S-1 registration statement with the US Securities and Exchange Commission (SEC).

Retail participation in Injective’s derivatives market is also strengthening. CoinGlass data show INJ futures Open Interest (OI) at 18.38 million INJ tokens, recovering from Tuesday’s recent low of 17.34 million and indicating a build-up in positions. Meanwhile, a funding rate of 0.0102% signals traders’ willingness to pay a premium to open fresh long positions. 

With sentiment across the broader market remaining constructive, the revival in retail interest ahead of the staking ETF points to further upside for Injective.

Technical outlook: Can Injective climb back to $10?

A bullish bias remains in place for Injective after three successive days of gains, with the token trading above $8 at the time of writing on Thursday. Support now comes from the 50-day Exponential Moving Average (EMA) at $7.43 and the 200-day EMA at $6.16, with INJ holding above both.

The broader uptrend structure also appears intact, as INJ maintains a comfortable cushion above the rising support trendline near $7.05 that links the lows of 18 August and 4 September.

On the daily chart, a Relative Strength Index (RSI) reading of around 56 reflects mildly positive momentum. The Moving Average Convergence Divergence (MACD) line, meanwhile, is close to crossing above its signal line, indicating that upward momentum is gathering strength but has yet to become impulsive.

The first upside hurdle for INJ is around $8.40, corresponding to the 19 September high. If a breakout above that level is sustained, the next target could be the 16 October peak of $9.41, followed by the psychological $10.00 mark.

Should prices retreat, the 50-day EMA near $7.43 provides the first support level. Below that, the trendline around $7.05 is expected to provide a deeper technical floor if the pullback continues.

(The technical analysis of this story was written with the help of an AI tool. Know more.)