Injective ($INJ) Price Stabilizes Near Support Amid Bullish Fundamental Catalysts

I observe that Injective ($INJ) is currently trading at $12.68, with the Relative Strength Index (RSI) at a neutral 45.00, which indicates neither overbought nor oversold conditions. The price is testing an important support level around $12.20, notably near the $NEAR mark. Recent developments, such as the Ethernia upgrade and a filing for a Cboe ETF, serve as bullish catalysts that could propel the price higher if market sentiment aligns. The neutral RSI suggests a period of consolidation, where neither bulls nor bears have clear control. However, the support at $12.20 is a crucial level to watch. If it holds, we could see renewed upward momentum, especially given the positive upgrades and strategic filings that enhance developer interest and institutional prospects for $INJ. These fundamental signals, combined with technical support, hint at a potential breakout scenario. From a broader perspective, the Ethernia upgrade signifies ongoing development and network improvement, which can attract more developers and users, ultimately benefiting the $INJ ecosystem. Moreover, the Cboe ETF filing could bring increased institutional attention and liquidity, further bolstering the price. Nevertheless, traders should remain cautious of volatility and confirm that broader market conditions support this potential move. Overall, I believe $INJ shows promise for a bullish move, provided the support level around $12.20 holds. The combination of technical stability and positive fundamental news makes it a candidate for a short-term rally, but risk management remains essential given mixed signals and market unpredictability.