Injective launches bridge and puts Solana users in charge

Journalist

Posted: November 24, 2023

• Injective has integrated SPL tokens to enable bridging from Solana.
• The volume of SOL fell, while the price of INJ has the potential to rise.

Cross-chain bridging platform injective [INJ] has announced that it has integrated tokens developed under the Solana Program Library (SPL). The project announced the update on November 22 via a post on X (formerly Twitter).

SPL tokens are similar to Ethereums [ETH] ERC-20 tokens. But this time, the tokens are created and managed under the Solana network, following specific standards for transactions.

Injective and Solana: a perfect match?

According to Injective, this one Solana [SOL] tokens can be bridged using the Injective Hub, a platform primarily designed to facilitate cross-network transactions on the blockchain. One SPL token that Injective has put at the forefront of integration is Pyth Network [PYTH].

Injective has officially integrated SPL tokens.

Now assets of @solana as $PYTH is seamlessly accessible via the Injective Hub and Bridge. pic.twitter.com/Tf9k8LFmb8

— Injectief (@Injectief_) November 22, 2023

AMBCrypto had recently reported on PYTH, to explain how the project rewarded some of its early users, and the impact on price action. Given Pyth Network’s real-time blockchain feed capability, the integration with Injective means the project may do it faster.

This integration also has the capacity to bring more users to Solana and the Injective protocol. But as of this writing, Injective’s network growth has plummeted. Network growth shows the number of new addresses actively performing transfers over a protocol.

An increase in metric suggests an increase in traction. On the contrary, a decrease in the benchmark means that adoption has decreased. So in the case of Injective, new addresses have refrained from participating in transfers on the network.

Source: Santiment

Trades fall, but INJ tilts bullish

Like Injective, Solana has experienced a decline in transactions on the network. This was confirmed by an overview of the SOL volume using Sentiment. As shown above, SOL’s volume dropped to 1.83 billion.

The decrease in volume indicates a downward shift in the number of SOL tokens involved in transactions compared to the last few days. In terms of price action, INJ was trading at $15.84. This was after it rose 3.08% in the past 24 hours.

SOL, on the other hand, exchanged hands at $54.76, thanks to a rise of 5.62% within the same time frame. Meanwhile, INJ’s 24-hour rise was not enough to turn market sentiment into a solid bullish position.

According to AMBCryptos analysis According to Quantify Crypto data, INJ’s technical score was 50.7. This reading means that most market participants were unsure of the specific direction the token would go next.

Realistic or not, here it is INJ’s market capitalization in terms of SOL

A large part of the market has therefore remained on the sidelines.

Source: Quantify Crypto

However, the Quantify Crypt Trend metric showed that INJ has a higher chance of being bullish in the coming days. But this projected move will only happen if the token’s accumulation starts to rise.