Injective could dip further as futures Open Interest drops

Key Takeaways Injective (INJ) trades around $7.42 on Thursday, extending losses after a 5.7% decline in the previous session. The futures taker buy-to-sell ratio stands at 0.96, with sell orders accounting for 51.1% of taker activity, suggesting that sellers retain a slight advantage. A breakdown below the $7.19 trendline support could expose INJ to further losses toward $6.71 and $6.27, while a breakout above $8.35 could open the door to $9.41. Injective (INJ) remains under pressure on Thursday, trading below $7.50 as declining derivatives activity and renewed selling weigh on its near-term recovery prospects. The cryptocurrency is trading around $7.42 after losing approximately 6% during Wednesday’s session, with traders showing little conviction in a sustained rebound.

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