Injective’s INJ Drops 2.05% as Futures Open Interest Climbs 21.49%

Injective’s INJ fell 2.05% to $7.18 over 24 hours as futures open interest climbed 21.49%, showing greater outstanding derivatives exposure during the decline without identifying whether longs or shorts dominated.

Open interest reached about $27.77 million, or 3.47 million contracts. INJ traded between $6.42 and $7.46 during the period.

The market’s technical readings were mixed. The daily MACD line and signal line both stood at 0.2532, leaving the histogram at 0.0000. The 14-period relative strength index was 50.40, while the Stochastic oscillator showed %K at 39.76 and %D at 31.81.

INJ traded below its seven-day and 20-day simple moving averages of $7.50 and $7.65. It was also below its 12-day exponential moving average of $7.42 but above the 26-day EMA of $7.17. The 50-day and 200-day simple moving averages were $6.40 and $4.95, respectively.

Bollinger Band levels were $6.99 on the lower band, $7.65 at the middle band and $8.30 on the upper band. The chart levels included a $7.02 pivot and $8.07 resistance. These levels describe conditional areas on the chart rather than confirmed price targets.

At 4 a.m. ET (08:00 UTC) on Oct. 9, global accounts were 42.7% long and 57.3% short. Top-trader accounts showed a different split, with 51.4% long and 48.5% short.

The eight-hour funding rate was 0.0082%. The one-hour taker buy/sell ratio was 1.2671, based on 200,705 buy contracts and 158,403 sell contracts.

INJ is Injective’s native token. The token is fully circulating, and monthly community buybacks permanently remove INJ from supply.