The cryptocurrency market has been underperforming over the last 24 hours, with major coins and tokens currently in the red. 

Bitcoin, the leading cryptocurrency by market cap, briefly dropped below $67k, while Ether is now trading below $2k.

However, some coins are currently in the green despite the current market conditions.

INJ, the native coin of the Injective blockchain, added nearly 15% to its value during the early hours of Thursday.

The rally lifted the token to around $3.65 before it pulled back, with prices later easing to about $3.20 at the time of writing.

The rally comes after the network confirmed the approval of its IIP-619 proposal. 

INJ is up by more than 5% in the last 24 hours, despite the bearish market conditions.

The rally comes after the Injective community officially passed the Injective Mainnet Upgrade proposal (IIP-619).

The new upgrade aims to scale Injective’s real-time Ethereum Virtual Machine (EVM) architecture and enhance its capabilities to support next-generation payments. 

According to Injective’s X post, the upgrade will boost the performance of Injective’s MultiVM architecture, optimise the integration of Real-World Assets (RWAs) with Chainlink (LINK) oracles for real-time price feeds, and expand the capabilities of a new shared liquidity layer.

The upgrade is set to take place today, February 19, at 9 am ETF (UTC+8).

IIP-619 will be beneficial to the ecosystem as Injective provides powerful core financial infrastructure primitives that applications can leverage, including a fully decentralized MEV-resistant on-chain orderbook.

The network is designed to enable developers to utilise Injective’s plug-and-play modules to rapidly deploy applications that could take years on other chains. 

Furthermore, Injective is an interoperable layer-1 blockchain that is fully compatible with major chains such as Ethereum and Solana.

The INJ/USD 4-hour chart remains bearish and efficient despite Injective adding 13% to its value earlier today.

At press time, INJ is trading within a falling wedge pattern drawn by connecting multiple highs and lows with two trendlines since mid-October.

It is currently closer to the upper trendline boundary of this pattern, and breaking above this level could push its price higher. 

If the momentum continues and INJ’s daily candle closes above the trendline boundary, INJ could rally higher toward the key psychological level at $5.

The Relative Strength Index (RSI) reads 35, above the neutral level of 50, indicating a growing bullish momentum. 

For the bullish rally to be sustained, RSI must move above the neutral level of 50.

The Moving Average Convergence Divergence (MACD) showed a bullish crossover on Saturday, adding extra confluence to the buy-side dominance.

However, it has corrected to the $3.2 level and could dip lower if the bulls fail to regain control.

An extended correction could see INJ decline toward the February 6 low at $2.65.

The post INJ hits $3.6 after approval of mainnet upgrade proposal appeared first on Invezz

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