Injective (INJ) is currently priced at $5.14, having experienced a notable decline of 7.64% over the last 24 hours. The price has fluctuated between a 24-hour high of $5.58 and a low of $5.13, indicating a tight daily range of 0.45%, which suggests reduced volatility in the short term.

Trading volume over the past 24 hours stands at approximately 73.19 million, representing 14.19% of the market cap. The presence of a significant volume relative to the market cap indicates active trading, yet the recent price drop raises concerns about potential selling pressure.

Technical indicators reveal a bearish trend with the hourly moving averages showing significant declines: the 8 SMA at $5.31 (-3.17%), the 13 SMA at $5.33 (-3.48%), and the 21 SMA at $5.37 (-4.33%). Additionally, the 1-hour RSI of 35 suggests the asset is nearing oversold conditions, but it has not yet indicated a reversal, while the 7-day RSI at 49 reflects a lack of momentum in either direction.

Over the past 7 days, INJ has seen a slight decline of 1.02%, but it has shown a more significant increase of 16.02% over the past 14 days, and a modest rise of 2.91% in the last 30 days. This mixed performance highlights the volatility inherent in the asset, with recent selling pressure countering earlier gains.

Considering the all-time high of $52.62 reached on March 14, 2024, the current price represents a substantial decline, raising questions about the sustainability of its previous bullish momentum. In the absence of strong bullish signals and given the current bearish trend in technical indicators, a cautious approach is warranted.

Based on the current analysis, the recommendation is to Hold. This decision is supported by the potential for a rebound given the oversold conditions indicated by the 1-hour RSI, but the bearish trends and recent price action suggest that entering new positions carries high risk at this time.