INJ token jumped over 5% to $13.60 following the creation of a Delaware trust by Canary Capital, hinting at early steps toward a potential staking-based ETF.
By Parth Dubey
Editor Hamza Tariq
Updated
2 mins read
Injective blockchain’s native token, INJ INJ $13.06 24h volatility: 4.2% Market cap: $1.28 B Vol. 24h: $122.40 M , climbed over 5% on June 10 to trade around $13.60. The cryptocurrency’s trading volume increased by 13% to reach $115 million.
The price uptick coincides with asset manager Canary Capital registering a new trust in Delaware called “Canary Staked INJ ETF.” While this filing does not guarantee an exchange-traded fund launch, it marks an important early step taken before SEC registration.
BREAKING: CANARY STAKED $INJ ETF REGISTERED IN DELAWARE 🚨
— Injective 🥷 (@injective) June 9, 2025
This mirrors 21Shares’ Injective ETP launched in Europe last year, a yield-boosting product that automatically compounds staking rewards for institutional players.
The Delaware filing could potentially boost INJ’s demand and long-term price prospects. On the daily price chart, the Bollinger Bands are relatively tight with prices nearing the upper band around $13.55. This indicates increased volatility and a potential breakout in the short-term.
The middle band (20-day SMA) sits at $13.05, which now acts as the first support level.
INJ price chart with RSI and Bollinger Bands | Source: Trading view
The RSI stands at 57, suggesting moderate bullish momentum without being overbought. If RSI moves further above, it could signal renewed buyer strength. Traders could see resistance levels around $16, the previous local top, and $20 as a psychological barrier.
Meanwhile, the MACD line and the signal line are converging slightly above zero, with a recent bullish crossover. If momentum continues with rising volume, the histogram could widen in the positive zone, confirming a breakout.
INJ price chart with MACD | Source: Trading view
However, a rejection here may lead to sideways consolidation. Support lies at $12 and $11.10 based on historical price structure.
Crypto analyst Lennaert Snyder shared a 4-hour INJ chart on X, noting a bullish continuation setup. Notably, INJ has broken through a major resistance of $13.02 and has successfully retested it as support, a classic breakout confirmation.
$INJ perfectly following the plan. 🔥
Broke resistance and flipped it into support.
Rangehigh is next and after that it's party time.
Bullish. pic.twitter.com/eIeJhqxpQr
— Lennaert Snyder (@LennaertSnyder) June 9, 2025
Snyder notes this pattern usually triggers a powerful breakout, with $20 as the next major target. But first, INJ must smash through a stubborn $15.22 resistance wall, currently the 61st largest crypto’s make-or-break level.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
