The cryptocurrency market returned to the green track today (October 16), with numerous leading digital assets posting substantial rebounds.
However, the day’s top performer isn’t Bitcoin (BTC) or Ethereum (ETH), but the altcoin Injective (INJ), which pumped by 27%. Here’s what triggered the rally and what may come next.
Catalysts and Predictions
Just hours ago, INJ jumped to almost $9.20 (per CoinGecko), the highest level since October 2025. The asset’s market capitalization soared above $920 million, making it the 85th-largest cryptocurrency after overtaking Pi Network (PI).
The main reason for the surge appears to be a meeting in Washington between Injective’s CEO, Eric Chen, and officials from the White House, the SEC, and the CFTC.
“He was joined by our General Counsel, Head of Policy, and Head of Research. Injective has quietly built the foundation for tokenization to thrive in America, inside the regulatory framework and in direct collaboration with the U.S. government and major regulatory bodies,” Injective revealed on its X account.
CoinGecko disclosed additional potential catalysts, including stakers’ vote on IIP-709 (a proposal for fixed gas fees), while Injective reportedly said its revenue-to-FDV ratio has topped that of other major chains.
Ali Martinez was among the well-known analysts commenting on the token’s performance, claiming its rally has just begun. He noted that the price has pumped 30% after breaking out of a cup-and-handle pattern, adding that the technical formation suggests room for further growth.
“The pattern projects a target near $14, meaning Injective could continue pushing higher before this move is complete,” he predicted.
MikybullCrypto also chipped in, advising traders and investors to pay attention to INJ “before the train leaves.” Earlier, the analyst forecasted a potential explosion to $80, pointing to a chart pattern that has preceded similar rallies in the past.
Beware the Risks
INJ’s Relative Strength Index (RSI) has risen to nearly 80, which may signal a short-term correction. Ratios above 70 typically suggest the asset is overbought, supporting a bearish scenario, while anything below 30 is seen as a buying opportunity.
- INJ RSI, Source: RSI Hunter
X user Crypto GVR highlighted the impressive price performance of the token, but alerted:
“After such a strong move, some volatility wouldn’t be surprising. Let’s see how INJ performs around the $9 level in the coming days.”
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