INJ Price Stuck in Momentum Vacuum as Smart Money Turns Long

INJ's price has been stuck in a momentum vacuum at $4.90 for hours, with its MACD flatlined and RSI at neutral. However, smart money is leaning towards being long on the asset, with 58.9% of open interest positions net long.

The asset's longer-term structure remains intact, trading nearly 18% above its 200 SMA at $4.14. But in the intermediate picture, the 50 SMA is acting as a lid, and price is barely clinging above the 7 SMA at $4.91.

DeFi infrastructure tokens often behave similarly during mid-cycle range compressions, which Blockchain.news believes INJ's current setup resembles. The technical picture is essentially a stalemate between buyers and sellers, with neither side able to gain traction.

The Bollinger Band read suggests that INJ occupies the upper half of its band structure but has been rejected at the upper band at $5.12. The lower band at $4.48 is the structural floor, and a close above $5.07 could trigger a move towards $5.24.