Injective (INJ) is currently trading at $7.65, reflecting a 24-hour decline of 5.64%. The price has encountered resistance at $8.47 and found support near $7.64, indicating a narrow daily trading range of 0.83%.

The trading volume stands at 140,833,122, representing 18.40% of the market cap, which suggests a healthy level of liquidity. However, the hourly moving averages indicate downward momentum, with the 8 SMA at $7.71 and the 13 SMA at $7.76 both showing declines of 0.77% and 1.38%, respectively.

The RSI readings provide further insight into market sentiment, with the 1-hour RSI at a low 18, suggesting that INJ is oversold in the short term. Conversely, the 7-day RSI at 54 indicates a more neutral position, while the 14-day and 30-day price changes of -11.11% and -19.96% signal a bearish trend over longer periods.

Injective's all-time high of $52.62, reached in March 2024, remains significantly above the current price, creating a substantial potential upside. However, the recent price performance and negative changes over the past month indicate weakness that could limit near-term recovery.

Given the current technical indicators and market conditions, a cautious approach is warranted. The combination of a bearish trend, oversold conditions, and recent price volatility leads to a Hold rating for Injective (INJ) at this time, suggesting that investors should wait for more favorable technical signals before considering a buy.