Dry, too dry, $INJ official Twitter said that the new round of community buyback will start tomorrow....

This will analyze the data of the INJ ecosystem for the brothers, along with Xiaoshuai's own views.

❚ First, look at the on-chain data

The current TVL of INJ is 23M, with a 24h increase of 14.79%. This growth rate is quite noticeable among L1s right now.

In a horizontal comparison, Base TVL is over 4 billion, Solana is over 9 billion, and INJ's scale is indeed small. You can also understand it as a small market cap + high growth rate, which actually leads to greater elasticity.

❚ Ecological aspects

The cumulative trading volume of Helix (flagship DEX) perps has exceeded $44B, with over 40 million in on-chain perps transactions in the last 24 hours. This data isn't bad considering the bear market environment.

The monthly chart of INJ shows that after the peak in 2024, it has been consolidating for quite a long time. The current price is around 6.5.

Key Position:
• Resistance: $6.80 (recent intraday high), $7.20 (high on the 13th)
• Support: $6.20-$6.35 (low points on November 18-19)

❚ Risk aspect

Currently, the overall trend still feels relatively weak, with a series of lower highs ($7.21→$6.97→$6.68) appearing, trending down in the short term. If it can recover $6.80/$7.20, it may be the first signal.

However, there is no need to elaborate on the overall market sentiment at the moment; it is relatively weak in the short term. The absolute value of TVL is low, and large funds have a significant impact. Those brothers who want to play in the short term still need to manage their risk well.