Injective (INJ) is currently trading at $4.79, reflecting a 9.55% increase over the past 24 hours. The asset's daily price range has been relatively tight, with a high of $4.90 and a low of $4.37, indicating some volatility but also potential support around these levels.

Volume over the last 24 hours stands at approximately $47.99 million, contributing to a volume-to-market cap ratio of 10.02%. This level of trading activity suggests a solid interest among investors, although it is critical to note that the price remains down 10.37% over the past week, indicating recent bearish momentum.

Technical indicators show mixed signals, with the 1-hour RSI at 63 indicating near-term bullish momentum, while the 7-day RSI at 44 suggests the asset is approaching oversold territory. The moving averages show a downward trend in the short term, with the 8 SMA at $4.83 declining by 0.91%, while longer-term indicators like the 55 SMA at $4.64 show more strength, increasing by 3.31%.

Despite the recent rally, the 14-day and 30-day price changes of -13.20% and -26.36%, respectively, highlight a significant downtrend over the medium term. This ongoing downtrend could weigh on investor sentiment and limit further price recovery in the near term, especially as the asset struggles to maintain levels above recent highs.

Injective's all-time high stands at $52.62, which highlights substantial upside potential, but also underlines the distance the asset has to cover to regain previous peaks. Given the current price action, ongoing downtrends, and mixed technical indicators, a cautious approach is warranted.

Based on the analysis, the recommendation for Injective (INJ) is to Hold. While short-term momentum has improved, the overall trend remains bearish, and waiting for clearer signals or a confirmation of support levels may yield better entry points for buyers.