Injective (INJ) extended its recovery on Thursday as the first U.S. exchange-traded fund offering exposure to the token alongside staking rewards prepared to begin trading on Nasdaq. The Canary Staked INJ ETF, listed under ticker INJC, is scheduled to launch on November 5. The development is drawing attention to INJ, while rising derivatives activity and positive funding rates indicate renewed demand from leveraged traders.
INJ Gains as Canary ETF Launches
Nasdaq confirmed that the Canary Staked INJ ETF would begin trading on Thursday, November 5. The fund is designed to track the price of Injective held in its portfolio while seeking additional returns through staking on the Injective blockchain.
According to the fund’s SEC prospectus, Canary expects to stake at least 90% of its INJ holdings under normal circumstances. BitGo is identified as the fund’s INJ custodian, while staking rewards are generated through participation in the network’s proof-of-stake validation process.
The structure gives investors a way to gain exposure to INJ through a conventional brokerage account without directly managing tokens or operating staking arrangements themselves. However, staking rewards are not guaranteed, and fund expenses can reduce returns.
The ETF’s listing approval follows its Form 8-A registration with the SEC. The fund’s launch is a significant development for Injective, although actual demand for its shares will determine whether the product attracts sustained investment.
Derivatives Show Renewed Buying Interest
INJ traded above $8 during Thursday’s recovery, extending its gains for a third consecutive session, according to the supplied market snapshot. Derivatives indicators also point to stronger positioning.
CoinGlass futures data showed aggregate INJ futures open interest at approximately $143.76 million. Open interest measures the value of outstanding futures contracts and can indicate whether traders are adding or closing positions. A positive funding rate means traders holding long positions pay those holding shorts, reflecting a premium for bullish exposure.
The latest market data showed funding near 0.01% on major perpetual futures venues. This supports the view that bullish positioning has strengthened, although crowded long positions can increase liquidation risk if prices reverse.
Injective Price Forecast: $10 in Focus
INJ’s technical structure has improved. The token is trading above its 50-day exponential moving average near $7.43 and its 200-day EMA around $6.16. Both levels may provide support if the recovery continues.
The daily Relative Strength Index (RSI) is near 56, indicating positive but not overheated momentum. The Moving Average Convergence Divergence (MACD) indicator is also approaching a bullish crossover, which could reinforce the recovery if buying pressure persists.
Key technical levels include:
- Resistance: $8.40, followed by $9.41 and $10.00.
- First support: The 50-day EMA near $7.43.
- Deeper support: The rising trendline around $7.05.
Conclusion
Nasdaq’s launch of the Canary Staked INJ ETF gives Injective a new route to reach traditional investors and introduces staking rewards into its listed investment structure. Improving derivatives activity and positive technical indicators strengthen the near-term bullish case. However, INJ must clear resistance around $8.40 before the $9.41 high and psychological $10 level become realistic targets. Failure to hold $7.43 could weaken the recovery and expose the lower support near $7.05.
Sources & Methodology
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