Injective (INJ) has experienced a dramatic price surge of 20.6% in the past 24 hours, reaching $3.96 as of 13:51 UTC on February 21, 2026. The decentralized exchange protocol token has captured significant market attention with trading volume spiking to $165.8 million.
Price Action and Volume Surge
INJ climbed from a 24-hour low of $3.27 to reach a high of $3.96, representing a gain of $0.68 per token. The price movement marks a strong recovery for the asset, which has now posted a 23.7% gain over the past seven days.
The token’s market capitalization has increased by $67.1 million in the past day, bringing its total market cap to $392.6 million. This positions Injective at rank #112 among all cryptocurrencies by market capitalization.
Technical Indicators Show Momentum
Short-term price action shows continued momentum, with INJ gaining 2.83% in just the past hour. The 24-hour trading volume of $165.8 million represents significant interest from traders, providing substantial liquidity for the rally.
With a circulating supply of 100 million tokens—matching its total supply—INJ has a fully diluted valuation equal to its market cap at $392.6 million. The token remains 92.5% below its all-time high of $52.62, which was reached on March 14, 2024.
30-Day Performance Context
Despite the recent surge, INJ remains down 14.2% over the past 30 days, suggesting the current rally may represent a recovery from recent losses rather than a continuation of a longer-term uptrend. The token has gained nearly 497% from its all-time low of $0.657 recorded in November 2020.
Market Implications
Injective operates as a layer-1 blockchain optimized for decentralized finance applications, with a focus on derivatives trading and cross-chain transactions. The protocol’s price movement often correlates with broader interest in DeFi infrastructure and decentralized exchange solutions.
The elevated trading volume and rapid price appreciation suggest renewed interest in the project, though traders should monitor whether this momentum can be sustained above the $3.96 level. The token faces immediate resistance at its 24-hour high, with support established at the $3.27 level from earlier in the session.
This is a developing story. Price data current as of February 21, 2026, 13:51 UTC.
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About the Author: Ananya Melhotra
