Injective (INJ) is currently trading at $3.07, experiencing a 24-hour decline of 2.01%. The price has fluctuated between a daily high of $3.20 and a low of $3.04, indicating a tight range of 0.16% which suggests low volatility in the short term.

Trading volume over the past 24 hours stands at approximately 37.69 million, translating to a volume-to-market cap ratio of 12.27%. This volume indicates a relatively active trading environment, but the recent price action does not reflect significant bullish momentum, particularly given the negative changes across multiple time frames.

The hourly moving averages indicate a bearish trend, with the 8 SMA at $3.08 showing a slight decline of 0.29%. Longer-term moving averages, such as the 55 SMA at $3.17 and the 144 SMA at $3.24, reveal deeper bearish sentiment, with declines ranging from 3.21% to 5.21%.

The 1-hour RSI is currently at 31, suggesting that the asset is approaching oversold conditions, while the 7-day RSI at 44 indicates weak momentum. Significant downward pressure is evident as the 7-day, 14-day, and 30-day price changes have decreased by 15.04%, 29.51%, and 41.71%, respectively, highlighting a persistent bearish trend.

Given that Injective's current price is substantially below its all-time high of $52.62, which was reached in March 2024, the asset faces considerable resistance to regain upward momentum. The combination of bearish technical indicators, declining momentum, and negative price changes across all observed periods suggests that INJ is likely to continue facing challenges.

In conclusion, the current analysis indicates a Sell rating for Injective (INJ). The asset's ongoing bearish trend, low RSI readings, and significant price declines over various periods suggest a lack of recovery potential in the near term.