Analysts are suggesting a cautious approach for those looking to invest in the Injective Protocol's INJ token, as it may experience a significant drop of over 30% if a crucial support level of $30 fails to hold. The recommended strategy is to wait for the INJ to dip towards the $30 support level, which could provide an opportunity for a swing trade entry with a potential upside target of $40. This represents a potential profit of over 30% from the entry point. However, it is advised to set a protective stop loss at around $27 to mitigate any potential losses if the support level is breached.

It is important to note that there are key resistance levels that the INJ token will need to overcome in order to continue its upward trajectory. These levels are at $40, $45, and the recent high of around $50, which marked the end of its last rally attempt.

Although the long-term outlook for the INJ token remains positive, a failure to maintain the $30 support level could significantly weaken the bullish structure. Therefore, market participants will be closely watching the INJ's price action around this critical support zone in the coming days.