Injective (INJ) has seen a significant price increase of 22% in the last 24 hours, driven by the slower-than-expected US CPI inflation rate and the burn auction of more than 6 million INJ tokens. The price is currently challenging the $32 resistance level.

Market Sentiment and Trading Volume

The market sentiment for INJ is positive, with the price showing a steady increase over the last 24 hours. The trading volume has also risen by 31.33% to $2,831,536,478, indicating buying interest and demand for INJ stock. The market capitalization has soared by 20%, supporting the bullish case brought about by the 6 million INJ token burn.

Resistance and Support Levels

The immediate resistance level for INJ is around $32.07, the day's peak, which might act as a psychological barrier. If INJ can break and hold above this level, it could open the door for further gains. On the negative side, the previous support level was at $28.00, where the price was trading before the recent bounce up. This level could offer a floor to the buyers if the price reverses, which in turn, might prevent further selling.

Breakout from Prolonged Accumulation

The recent breakout of INJ from a two-month consolidation period that started in mid-April is significant. The token had been trading in a narrow range around $29 before finally breaking out and pushing the price higher. The recent positive Consumer Price Index (CPI) news has also boosted the macroeconomic environment, which is in line with technical analysis, implying further upward movement.

Conclusion

The Injective (INJ) price has seen a significant increase of 22% in the last 24 hours, driven by the slower-than-expected US CPI inflation rate and the burn auction of more than 6 million INJ tokens. The market sentiment is positive, with the price showing a steady increase over the last 24 hours. The trading volume has also risen, indicating buying interest and demand for INJ stock.