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Injective (INJ) is among the top gaining altcoins in the past 24 hours after rising double-digits to test intraday highs of $17.65.
These gains see Injective’s price third in the top 100 coins by market cap, with Helium (HNT) and the meme coin Dogs (DOGS) outpacing the rest.
Notably, INJ has pared some of the intraday gains after a recovery from lows of $15.02. Daily volume is however up 40% to over $130 million, and current levels mean an upward flip could allow bulls to establish key support above $18.
INJ price: BUIDL Index adds to buying pressure
BlackRock’s massive traction in the crypto investment space continues. Its spot Bitcoin exchange-traded fund IBIT tops with most net inflows and assets.
Meanwhile, its tokenized fund BlackRock USD Institutional Digital Liquidity Fund, BUIDL leads the tokenized treasuries market. This comes as the real-world assets ecosystem sees increased traction.
However, as RWA.xyz notes, Blackrock’s BUIDL Fund is largely a “concentrated, institutional product.”
According to RWA.xyz, BUIDL only has 18 holders, with one accounting for $178 million of the $517 million market cap. In comparison, Ondo Finance’s Ondo U.S. Dollar Yield, USDY, has over 415,000 holders.
To bring BUIDL to more people, Injective has launched the BUIDL Index, a perpetuals index that will track the supply of BlackRock’s BUIDL Fund.
Today, Injective launched the first ever BUIDL Index which tracks the size of BlackRock’s $BUIDL Fund. The BUIDL Index brings the world’s first perpetual market for BlackRock’s BUIDL Fund, allowing anyone to gain 24/7 exposure to tokenized assets such as U.S. treasuries with…
Announced on Sept. 4, the index gives anyone exposure to tokenized US treasuries and will see users take long or short positions depending on what they forecast the BUIDL’s supply to be. The index’s price will rise and fall alongside BUIDL’s market size.
Injective’s BUIDL Index will be accessible via native Injective DEXs, including Helix. This means traders can also tap into leverage.
Injective price analysis
As noted above, INJ rose as the community reacted to the launch of the perpetual index tracking BlackRock’s tokenized US treasuries fund BUIDL.
On the 4-hour chart, INJ price reached above $17.65 to test a key area for bulls. The chart indicates both the Relative Strength Index and the Stochastic Momentum Index offer buyers an upper hand.
INJ/USD on the 4-hour chart. Source: TradingViewApart from the RSI and SMI, Injective has held above the $17 support level and a bullish breakout to recent supply zone between $18.60 and $25.00. IntoTheBlock data shows the area between $18.61and $24.99 presents a key supply wall with over 5.17k addresses having purchase more than 1.61 million INJ at the average price of $22.32.
If downside pressure prevails, its likely INJ will look to bounce off the $15 price zone.
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