Injective Protocol’s Much-Anticipated Avalon Upgrade Goes Live
Injective protocol, the decentralized derivatives trading exchange, has successfully activated the Avalon upgrade on the mainnet. In response to this update, the protocol’s native token, INJ, has spiked 14.4% in the past 24 hours, positioning it as one of the top performers, even surpassing Bitcoin (BTC).
Avalon Upgrade Enhances Injective’s Capabilities
The Avalon upgrade boosts the performance, scalability, and user experience of Injective’s decentralized exchange (DEX). It includes the implementation of layer-1 scalability optimizations, advancements that will enhance speed and transaction efficiency, ensuring a smoother trading experience. The update also lays the foundation for sub-second block times, which could decrease latency and increase trade execution speeds.
Another notable feature of the Avalon upgrade is the revamping of the Injective proof-of-stake (PoS) delegation mechanism. This change is designed to give users more control over their staked assets while optimizing the overall security and decentralization of the network. The INJ token serves as the exchange’s governance token.
INJ Token Enjoys Support After the Upgrade
The Avalon upgrade has had a positive impact on INJ prices. As per CoinGecko, INJ is currently trading at $7.56, showing a 14.4% rally in the past 24 hours. In the weekly timeframe, INJ is up by 9.3%. With a circulating supply of 80 million INJ, its market capitalization now stands at $591,704,136.
Technical analysis indicates that INJ prices are now trending above the previous resistance level of $7, with immediate resistance levels expected at $7.85 and $8.42. Nevertheless, caution is advised as the Relative Strength Index (RSI) on the daily timeframe is at 61.9, suggesting that the token could be nearing overbought territory. The RSI is a widely used technical indicator that measures momentum. In case of a price retracement, support levels are expected to form around $6.0 to $5.65.
Conclusion: A Promising Future for Injective Protocol
The successful deployment of the Avalon upgrade marks a significant milestone in the evolution of Injective Protocol. The enhancements brought by this upgrade have already influenced the price of the INJ token, evidencing a positive response from the market. These improvements in speed, efficiency, user control, and network security reaffirm Injective’s commitment to optimizing its platform for users.
While the INJ token shows promising growth, investors are advised to watch the market carefully due to potential overbought conditions. The challenge now is for Injective to maintain this momentum and continue to introduce features and updates that attract users and solidify its position in the decentralized finance ecosystem. The current trend reflects optimism, and it will be interesting to watch how the INJ token performs in the coming weeks.
