Injective (INJ) is currently trading at $4.28, reflecting a 24-hour change of -5.35%. The daily range shows the price fluctuated between $4.21 and $4.56, indicating a relatively tight trading band of 0.35% within this period.

The volume of 40,290,731 represents 9.40% of the market cap, suggesting a moderate level of trading activity. However, the RSI values indicate bearish momentum, with the 1-hour RSI at 23 (oversold) and the 7-day RSI at 43 (approaching oversold), highlighting weak buying pressure.

Short-term moving averages are also signaling downward momentum, with the 8 SMA at $4.28 just slightly above the current price and the 144 SMA at $4.58 reflecting a more considerable decline of -6.63%. The 7-day price change is a significant -17.90%, and the 14-day change stands at -16.53%, confirming a prevailing negative trend over both short and medium terms.

Fundamentally, the recent downward price action coupled with high volume and low RSI levels suggest a lack of investor confidence. This is further compounded by the stark contrast to the all-time high of $52.62 from March 2024, indicating substantial market correction and loss of value since that peak.

In summary, the current technical indicators combined with the bearish price movements point towards a continued downtrend. Given these factors, the recommendation for Injective (INJ) is a Sell rating, as further declines are likely until stronger bullish indicators emerge.