Injective (INJ) is currently priced at $5.14, reflecting a significant 24-hour decline of 13.87%. The daily price range is tight, with a high of $5.97 and a low of $5.11, indicating a volatile market sentiment.

Trading volume has reached approximately $70.93 million, contributing to a volume-to-market cap ratio of 13.77%. This elevated volume, coupled with the negative price action, suggests increased selling pressure and lack of buying confidence in the current market.

Analyzing the hourly moving averages reveals a bearish trend, with the 8 SMA at $5.21, indicating a decline of 1.42%. The longer-term SMAs are also trending downward, with the 144 SMA at $5.92 reflecting a 13.14% drop, confirming the prevailing bearish sentiment over various time frames.

The Relative Strength Index (RSI) metrics indicate oversold conditions, particularly with a 1-hour RSI of 10. Meanwhile, the 7-day RSI of 44 suggests that the asset is nearing oversold territory, though it does not yet signal a robust buy opportunity.

Over the past week, INJ has declined by 7.02%, and the 14-day and 30-day changes are even more severe at -22.28% and -34.79%, respectively. This downward trajectory underscores the asset's vulnerability in the current market conditions, reinforcing the prevailing bearish sentiment.

Despite the potential for a rebound given the oversold RSI, the substantial declines and bearish moving averages indicate that caution is warranted. The all-time high of $52.62, reached in March 2024, feels increasingly distant, emphasizing the need for a sustained recovery before considering significant investments.

Given the current price action, negative momentum, and lack of bullish signals, a Sell rating is appropriate. This recommendation is based on the technical indicators suggesting continued downward pressure and a lack of immediate catalysts for recovery.