First-Ever INJ Staked ETF Approval Extends Rally: Injective Price Forecast

• 5% is Injective’s gain on Thursday. The advance extends the previous day’s 9.51% rise.
• At least 90% of holdings would be staked by the Canary Staked Injective ETF, whose Nasdaq listing has been approved under ticker INJC.
• A recovery in INJ futures Open Interest, coupled with a positive funding rate, signals that buyers have the upper hand.

A third consecutive day of buying is under way for Injective (INJ) on Thursday. This follows the announcement that Nasdaq approved the listing of the Canary Staked Injective Exchange-Traded Fund (ETF) on Monday. Rising Open Interest and funding rates, alongside spot-price gains, indicate firm buyer dominance in Injective derivatives. The technical picture also favours further gains, with the near-term rally close to turning prevailing bearish momentum bullish.

First-Ever INJ ETF Approval Sustains Injective Retail Demand

The post-midterms rally across the broader crypto market has coincided with a steady recovery in Injective this week. INJ’s initial catalyst, 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 plans to stake 90% of its holdings. It would give 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 derivatives is strengthening. CoinGlass data put 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, the 0.0102% funding rate signals a willingness among traders to pay a premium to open new long positions. 

With broader market sentiment still constructive, the return of retail interest ahead of the staking ETF points to further potential gains for Injective.

$10 in Focus: Injective Token’s Technical Outlook

Above $8 at press time on Thursday, Injective retains a bullish bias after three successive days of gains. 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 also remains intact, as INJ sits comfortably above the ascending support trendline near $7.05 linking the lows of 18 August and 4 September.

Daily-chart momentum is modestly positive. The Relative Strength Index (RSI) is around 56, and the Moving Average Convergence Divergence (MACD) line is close to crossing above its signal line. Together, these indicators suggest upside momentum is developing, though it is not yet impulsive.

The 19 September high near $8.40 provides INJ’s immediate resistance. If a break above that level is sustained, the next target could be the 16 October peak of $9.41. Beyond that, attention could turn to the psychological $10.00 threshold.

Should prices retreat, the first support lies at the 50-day EMA near $7.43. Below it, 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.)