Injective (INJ) is currently trading at $5.49, experiencing a notable decline of 5.90% over the past 24 hours. The daily price action has been constrained between a high of $5.86 and a low of $5.37, reflecting a daily range of only 0.49%, indicating reduced volatility.

The trading volume stands at approximately 59.83 million, with a volume-to-market cap ratio of 10.90%, suggesting a moderate level of interest relative to its market capitalization. The hourly moving averages indicate a bearish trend, with the 8 SMA at $5.66 down 3.04% and the 55 SMA at $5.88 down 6.61%, confirming downward momentum.

Technical indicators show an RSI of 25 on the hourly chart, signaling that INJ is significantly oversold in the short term. The 7-day RSI at 46 indicates a neutral position, while the 7-day price change reflects a decline of nearly 9.69%, further highlighting recent weakness in price action.

Looking at longer-term performance, INJ has dropped approximately 17.79% over the past 30 days, reinforcing the bearish sentiment. With the all-time high at $52.62 achieved on March 14, 2024, the current price represents a substantial retracement, suggesting a loss of investor confidence.

Given the oversold conditions indicated by the hourly RSI and the potential for a short-term bounce, a cautious Hold rating is recommended. However, the prevailing bearish trend and recent price performance imply that entering a new position might be premature until a clearer reversal signal emerges.