Injective (INJ) is currently trading at $4.44, reflecting a slight 24-hour change of 0.65%. The price has fluctuated between a daily high of $4.50 and a low of $4.34, indicating a daily range of just 0.16%, which suggests low volatility in the short term.

The trading volume over the past 24 hours stands at 35,580,323, with a volume-to-market cap ratio of 8.03%. This level of trading activity is relatively healthy, but the recent price action shows a downward trend, with a 7-day price change of -4.25% and a more significant decline of -21.08% over the past 14 days.

Technical indicators reflect a bearish sentiment, particularly with the hourly moving averages. The 8 SMA and 13 SMA are both below the current price, suggesting short-term weakness, while the longer-term 144 SMA is also declining, indicating that INJ may face continued pressure if these trends persist.

Both the 1-hour and 7-day Relative Strength Index (RSI) are at 47, which signals neutrality but leans towards oversold territory, suggesting a potential rebound if buying interest increases. However, the overall trend remains concerning given the significant declines over the past two weeks, which could deter new buyers.

Given that the all-time high of $52.62 was reached in March 2024, current price levels are drastically lower, indicating a substantial loss of value. The lack of momentum in price recovery combined with consistent downward pressures suggests that investors should be cautious.

In conclusion, given the current price action, technical indicators, and market sentiment, a Hold rating is recommended. The potential for short-term recovery exists, but the overall trend and recent performance indicate significant risks that may warrant waiting for clearer bullish signals before considering a Buy.