Injective (INJ) is currently trading at $4.88, reflecting a notable decline of 7.70% over the past 24 hours. The daily trading range has been tight, fluctuating between a high of $5.32 and a low of $4.83, indicating a lack of volatility and investor confidence at this price level.

Volume stands at approximately 65.9 million, translating to a volume-to-market cap ratio of 13.51%, which suggests a moderate level of trading activity. However, the price has experienced significant downward momentum, with the 7-day price change at -12.49% and a 30-day change of -28.77%, indicating a bearish trend over the past month.

The hourly moving averages show that the shorter-term SMAs are trading below the longer-term SMAs, further supporting the bearish sentiment. The 1-hour RSI is at 38, approaching oversold territory, while the 7-day RSI at 42 suggests that momentum remains weak, reinforcing the likelihood of continued downward pressure on the price.

Given that INJ has not been able to hold above key SMA levels, particularly the 55 SMA at $5.18, it signals a lack of bullish support in the short to medium term. The distance from the all-time high of $52.62 further emphasizes the current underperformance and market correction phase, indicating a significant decline from previous highs.

Considering the bearish indicators from both technical and fundamental perspectives, the current environment does not favor bullish positions at this time. Therefore, the recommendation is to Sell INJ, as the potential for further price declines appears more probable than a recovery in the near term.