Injective (INJ) is currently trading at $5.61, reflecting a significant decline of 16.30% over the last 24 hours. The asset has seen a daily range between $5.25 and $6.70, indicating high volatility and a potential for price recovery if market conditions improve.

The trading volume stands at approximately 148 million, contributing to a volume-to-market cap ratio of 26.39%. This relatively high volume suggests active trading interest, although the price drop indicates sellers are dominating the market at present.

From a technical analysis perspective, the short-term moving averages are all below the current price, with the 8 SMA at $5.68 and the 13 SMA at $5.81. The 1-hour RSI at 33 suggests that INJ is oversold, which may indicate a potential rebound in the short term.

However, the 7-day RSI of 44 and recent price changes of -19.46% over the week and -33.15% over the month indicate a bearish trend that cannot be overlooked. Furthermore, the long-term moving averages are significantly above the current price, with the 144 SMA at $6.50, suggesting resistance levels that will need to be breached for a sustainable recovery.

Given the current market conditions, the significant price drop, and the technical indicators pointing towards continued bearish momentum, the recommendation for Injective (INJ) is to Hold. While there may be opportunities for a short-term bounce, the overall trend suggests caution until a clearer bullish signal emerges.