INJ - FOMO is real, will it sustain?

Assets covered: $INJ

Metrics used: Price, Volume, MVRV 30D, Social Volume, Daily Active Addresses, Network Growth

Chart: https://app.santiment.net/s/mVgTPKaH



Price

ING Price action - Sanbase

INJ's been on a tear since the start of the year, going from $1.2 USD to $9.2 USD. Pretty impressive run for anyone that gotten in Jan 2023.


Strong trading volume accompanying Price spike is showing a strong momentum in play. Will require even higher volumes for sustained price action, else it's a time to take a breather.


Any price/volume divergence would be something to look out for.




Social Volume


INJ Social volume - Sanbase

INJ's social volume is seeing its highest clusters forming in 6 months. The excitement is pretty real and is likely that everyone is just shilling INJ everywhere now.


Usually such high social volume clusters precedes a local top.



Daily Active Addresses


INJ DAA - Sanbase

INJ's Daily Active Addresses is spiking as prices move upwards, this is pretty decent healthy network activity.


However, once DAA starts to decline and price is lingering at high levels, momentum is likely to wane shortly after.



Network Growth

INJ Network Growth - Sanbase

INJ's Network Growth is showing signs of weakness as Price/Network Growth divergences begin to surface - Rising price, falling Network Growth.


Less people are joining in the bandwagon it seems and usually doesn't bode well due to the lack of massive new participants are entering at such price levels.




Supply Distribution


INJ Supply Distribution - Sanbase

INJ's Supply Distribution is showing that Retail tier has been buying in since November 2022 and is seeing strong growth as price continues to rise.


Meanwhile, whales tier has been distributing to the retail tier.


MVRV 30D


INJ MVRV 30D - Sanbase

INJ's MVRV 30D which measures the short-term profit/loss of holders is showing that we are at its highest levels in 6 months. We are very high in the Danger Zone, where historically saw INJ’s price decline shortly after as a local top forms.


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Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.

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