Whales with between 100,000 and 1 million INJ in their wallets have been actively accumulating the token, with their holdings rising from 9.34 million INJ to 9.67 million INJ in the last week alone. This accumulation provided a significant impetus for the sharp rise in price.

Retail investors also played a role in the rise in prices, albeit indirectly. Instead of accumulating, they have refrained from selling their INJ, as evidenced by the low level of active deposits on the exchanges. This behavior indicates that investors are not currently planning to sell their assets, perhaps due to expectations of further price increases.

INJ price has now broken through the $45 resistance level and is currently trading at $48. As the altcoin looks to mark $50 as a crucial psychological support level, turning this level into support could support a FOMO (fear of missing out) driven rally among retail investors.

However, if INJ experiences a correction lower following the recent rally, a fall to $45 is likely. Losing this support level will invalidate the bullish thesis and send the altcoin back into consolidation.

Technical indicators such as MACD (Moving Average Convergence Divergence) show a continuous decline in the histogram, indicating increasing selling pressure in the market. The averages are also showing a bearish curve, indicating negative INJ price action in the near term.

Despite the potential for a bearish trend, Injective's recent all-time high has generated significant interest among investors. If the bulls manage to demonstrate a bullish trend reversal, INJ price could test the $52.21 resistance level this week and potentially reach the $56 upper resistance level this coming weekend.

As the cryptocurrency market continues to evolve, investors and analysts continue to keep a close eye on Injective's performance, and there is potential for further price action in the coming weeks.