Injective (INJ) is currently priced at $2.95, reflecting a 24-hour decline of 3.43%. The daily price range has remained tight, with a low of $2.95 and a high of $3.11, indicating limited volatility in recent trading sessions.

Volume over the last 24 hours stands at approximately 36.82 million, representing 12.48% of its market cap. This suggests a moderate level of trading activity, but the declining price trend raises concerns about buyer interest and overall market sentiment.

Technical indicators reveal bearish momentum, with the 1-hour RSI at 33, suggesting the asset is nearing oversold territory. The 7-day RSI at 46, along with the significant negative price changes of -14.76%, -33.24%, and -42.55% over the past week, two weeks, and month respectively, further indicate a lack of bullish pressure.

The moving averages present a bearish outlook, with the 8 SMA at $2.99 showing a decline of 1.23%, and the longer-term 144 SMA at $3.16 down 6.63%. This alignment of moving averages suggests that the recent price action is more indicative of a downward trend rather than a reversal.

Given the substantial drop from its all-time high of $52.62 reached earlier this year, market participants may be cautious about entering positions in INJ at this time. Overall, the technical indicators, declining RSI values, and persistent downward price action suggest that the current market conditions are unfavorable for a bullish reversal.

Based on this analysis, the recommendation for Injective (INJ) is a Sell rating. The ongoing bearish momentum and lack of significant buying interest warrant a cautious approach, as further declines appear likely in the near term.