Injective (CRYPTO:INJ) recently experienced a downturn, reaching a new low of $21.3 in 2024 after consistent corrections over a month.

Despite this, there is optimism among investors regarding a potential recovery.

The decline in active deposits indicates a preference among investors to hold onto their assets rather than sell, suggesting bullish sentiment.

Additionally, there has been an uptick in the Mean Coin Age metric, signaling a dominant sentiment of HODLing among INJ holders.

The target for recovery is set at $28, aligning with the 200-day Exponential Moving Average (EMA) and representing a 20% increase from the recent low.

However, a resurgence of bearish signals could lead to further dips, potentially forming a new year-to-date low for INJ if it falls below $21.3.