Injective Price Plummets to $3.40 Amid Crypto Market Downturn

Injective's price has taken a hit in the past 24 hours, plummeting to $3.40 due to the ongoing crypto market downturn. The recent mainnet upgrade had propelled its price to $4.00, but investors taking profit amid macroeconomic headwinds and geopolitical tensions have led to a surge in Bitcoin's value.

The Federal Reserve's rate decision and President Donald Trump's remarks endorsing an intensified blockade of the Strait of Hormuz have ignited fears of global energy disruptions, driving oil prices higher and soured risk assets. This has resulted in more than $560 million in crypto positions being liquidated, with over 120,000 traders affected.

The long-term outlook for Injective remains intact due to its network growth, but the near-term sentiment hinges on how the market reacts to these pressures. From a technical standpoint, Injective's chart reveals a slight bearish tilt, with the Relative Strength Index (RSI) at 57 and downsloping hints at a possible short-term drop.