Injective has been attracting investors’ interest as it continues to make significant on-chain developments. These new integrations and updates have caused a spike in the token’s price by over 21%. This positive momentum is expected to fuel further growth for INJ in the near future.
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Injective’s status as a prime cryptocurrency is solidified by the continuous improvements and value it provides to users and traders.
‘Fastest Layer 1 Blockchain’ Slashed Blocktimes To Just 0.65 Seconds
Injective recently achieved a significant milestone by reducing finality times to a remarkable 0.65 seconds. This achievement sets it apart from other layer 1 blockchains like Near, BNB, and Ethereum. According to the platform, these fast finality times are the result of careful optimizations in key areas such as state synchronization, data handling, and resource management.
1/5 Injective continues to push the boundaries of blockchain scalability, with recent upgrades delivering the fastest speeds imaginable.
Injective block times have now been slashed to just 0.65 seconds, making it one of the fastest layer 1 blockchains ever created ⚡️ pic.twitter.com/lFN3W1w2Ve
— Injective 🥷 (@injective) August 21, 2024
This enhancement not only improves on-chain user experience but also positions Injective as an attractive option for institutional players in the crypto space due to its remarkable speed.
Injective Integrates With Balance, Expanding Network Services
Injective’s recent integration with Balance, a cross-chain decentralized finance platform, introduces new opportunities for investors and traders. The integration brings assets like bnUSD, Balance’s stablecoin, to the Injective mainnet.
Furthermore, this partnership enables overcollateralized loans, allowing users to use any asset as collateral and obtain up to two-thirds of the collateral’s value as a loan with a low fixed interest rate.
INJ Faces Rejection On This Level, But With A Possible Rebound
Currently, INJ’s bullish momentum is encountering resistance at the $0.39 level, keeping the token within a tight $0.36-$0.39 range. This consolidation phase might lead to a temporary loss of bullish momentum.
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The correlation of INJ with Bitcoin and the ongoing developments may lead to a shift in sentiment, potentially bringing about a downward trend in the near future.
Given the exhaustion of bullish indicators as indicated by the relative strength index, it’s likely that bears might attempt a breakthrough below the $0.36 support level before a stabilization phase in the current trading range. Failure to defend this range could result in a price decline back to $0.32.
Featured image from Snopes, chart from TradingView
