Injective (INJ) is currently trading at $3.22, reflecting a modest 24-hour price increase of 1.67%. The daily range has been tight, with a high of $3.34 and a low of $3.15, suggesting consolidation within this price band.

Volume has reached approximately $47.27 million, translating to a Vol/Market Cap ratio of 14.72%, indicating a healthy level of trading activity relative to its market capitalization. However, the moving averages indicate a bearish trend in the short term, with the 8 SMA at $3.27 and declining, while the 55 SMA at $3.21 shows a slight positive momentum.

The 1-hour RSI stands at 43, suggesting the asset is nearing oversold territory, while the 7-day RSI at 45 confirms weak momentum in the short term. Price performance over the last week, 14 days, and 30 days has been notably negative, with declines of approximately 11.8%, 27.7%, and 37.4%, respectively.

Despite the recent uptick, the overall trend remains bearish, compounded by significant distance from the all-time high of $52.62 achieved earlier this year. Unless there are fundamental catalysts or a significant shift in market sentiment, the momentum indicators do not support a strong recovery at this time.

Based on this analysis, the recommendation for Injective (INJ) is to Hold. The current price action and moving averages suggest a lack of bullish momentum, and while a potential rebound could occur, it is not substantiated by the current technical indicators or price performance trends.