Injective (INJ) is currently trading at $5.15, reflecting a slight decline of 0.59% over the last 24 hours. The price has fluctuated within a narrow daily range of $5.14 to $5.3, indicating low volatility in the market.

The trading volume stands at approximately $33.3 million, contributing to a volume-to-market cap ratio of 6.46%. This suggests moderate trading activity; however, the decline in price and the relatively low 1-hour RSI of 44 indicates that the momentum is lacking in the short term.

Looking at the moving averages, the 8-day, 13-day, 21-day, and 55-day SMAs are all below the current price, which typically suggests a bearish sentiment. The 144-day SMA is at $5.29, also indicating resistance, as the price is below this level by 2.57%.

The 7-day RSI at 47 is nearing the neutral zone, while the 14-day price change shows a notable increase of 8.85%, suggesting some recovery potential. However, the 30-day price change is negative at -2.48%, highlighting a longer-term bearish trend that could weigh on investor sentiment.

Given that the all-time high was significantly higher at $52.62 in March 2024, the current price reflects a substantial retracement, yet the potential for a rebound exists if market conditions improve. Nonetheless, the current technical indicators suggest that short-term trading may be unfavorable.

Considering the above analysis, the recommendation for Injective (INJ) is to Hold. This stance is based on the lack of bullish momentum in the immediate term, despite the potential for a longer-term recovery if positive market developments occur.