$INJ got cut in half and quietly doubled back — $5.00 is the moment of truth
The daily chart on Injective tells a story that most people missed while it was happening. From the December 2025 highs above $6.20, INJ spent nearly five months in a relentless grind lower, bottoming out near $2.80 in early April. No dramatic catalyst. No single flush. Just a slow, painful bleed that erased more than half the asset's value while the broader market was recovering.
What happened next is the more interesting part. From those April lows INJ began a recovery that has been one of the cleanest stair-step moves in the mid-cap space over the past six weeks. Each leg higher found buyers. Each pullback was shallower than the one before it. The May push toward $6.20 was the most aggressive leg of the recovery, briefly touching new range highs before pulling back to where price currently sits at $5.00.
That $5.00 level is not random. It aligns with the dotted reference line visible across the January and February consolidation range — an area where price previously spent weeks deciding direction before breaking lower. That same level is now being tested from below as the recovery attempts to reclaim it as support rather than resistance.
The structure of the recovery is constructive. Higher lows, expanding volume on up days, and a return to levels last seen before the February breakdown all point toward a market that has genuinely shifted from distribution to accumulation over the past six weeks.
Hold $5.00 on a daily close and the path toward $6.20 reopens. Lose it and the retracement toward $4.60 becomes the more likely next move.