Canary Capital files for staked Injective ETF - Can INJ target $16 next?

rose by about 8% in the last 24 hours as of press time, with an unlocked market cap of $1.45 billion as per CoinMarketCap.

Meanwhile, the AI crypto coin is getting more exposure in the U.S. market.

Canary Capital files for Injective staking ETF

Canary Capital filed for the first-ever Injective staking ETF in Delaware, as reported on X (formerly Twitter), with the product set to contribute to network security.

Earlier on, 21Shares AINJ ETF in Europe had an impact on demand, which suggested the U.S. market could have an even larger one following its size.

Source: X

Will the reversal pattern hold？

Meanwhile, the price action of Injective broke above a massive inverted head-and-shoulders pattern, which could be a sign the trend had shifted.

After INJ successfully retested the breakout with a double bottom, the price surged up to $15, at press time.

As INJ traded in a key zone between the $14-$16 price range, its reaction here could define its short-term outlook as the ETF hype drives price.

Failure to thrust past $16 and sustaining to stay above in the current sentiment could result in struggles to proceed higher.

Source: TradingView

Still, the zone could get sellers taking the price of INJ back to a bearish formation that would be validated only if the price went below the $12 level.

However, the short-term prospects are bullish for INJ until the structure says otherwise.

Daily DEX volume and TVL are recovering

Additionally, the DEX volume of Injective crypto has been slowly rising since the start of July, where the month opened with an average of $393K per day.

As of press time, the figures had improved to about $1.1 million daily, which was almost triple in scale.

More DefiLlama data showed that the Total Value Locked (TVL) was also bullish. The TVL was $109 million, only $27 million short of the 2025 high seen in late January.

Source: DeFiLlama

Despite all the bullish triggers aforementioned, one key metric stayed flat. The stablecoin market cap on Injective has been stabilizing between the $20 million and $34 million range for the whole of 2025.

Since the ETF will contribute to network security, staking could help improve stablecoin issuance on the chain.

That said, the overall sentiment of this leading AI crypto remains bullish at the moment.

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