Injective (INJ) is currently trading at $5.81, reflecting a 24-hour decline of 3.22%. The daily trading range has been tight, oscillating between a low of $5.75 and a high of $6.09, indicating a market struggling for momentum.

Volume over the past 24 hours stands at approximately $54.5 million, with a volume-to-market cap ratio of 9.38%. This suggests that while trading activity is substantial, it hasn't translated into significant price movement, reflecting a potential lack of buyer conviction at current levels.

Looking at moving averages, the 8 SMA is slightly positive at $5.81, while the longer-term SMAs (13, 21, and 55) show increasing bearish momentum, particularly the 55 SMA at $5.91 with a decline of 1.76%. The 144 SMA, however, presents a bullish divergence at $5.73 with a positive change of 1.46%, indicating possible support at lower levels.

The current hourly RSI is at 26, indicating oversold conditions, while the 7-day RSI at 48 suggests indecision in the short-term trend. Price changes over the last week, 14 days, and 30 days are all negative, highlighting a bearish trend over multiple time frames, with a notable decline of 11.91% in the last month.

With the all-time high of $52.62 reached earlier this year, current prices represent a significant retracement. The persistent negative price action and bearish indicators suggest that the market sentiment remains weak, and buyers may be hesitant to enter until clearer signs of reversal emerge.

Given the data, the recommendation is to Hold INJ. The oversold conditions may provide a short-term bounce opportunity, but the prevailing bearish trend and negative moving averages indicate that entering new positions could be risky without signs of a trend reversal.