Injective (INJ) is currently priced at $3.05, reflecting a 5.86% decline over the last 24 hours. The daily trading range shows a low of $3.03 and a high of $3.29, indicating a moderate volatility level with a daily range of 0.26%.

The volume traded in the last 24 hours stands at approximately 46.69 million, translating to a volume-to-market cap ratio of 15.31%. This suggests that liquidity remains relatively strong, despite the recent price drop, which may attract short-term traders.

Technical indicators show that the hourly moving averages are trending downward, with the 8 SMA at $3.09, indicating a 1.19% decline. The 1-hour RSI is critically low at 17, suggesting that INJ is significantly oversold in the short term.

The 7-day RSI is at 40, approaching the oversold threshold, while the price has declined 12.33% over the past week. Additionally, the 14-day price change is a modest decline of 2.99%, but the 30-day price change shows a more substantial drop of 29.76%, indicating a longer-term bearish trend.

Given the all-time high of $52.62 achieved in March 2024, the current price represents a significant retracement. The bearish momentum, combined with oversold indicators and declining moving averages, suggests caution for potential buyers.

Considering the overall trend, the technical indicators, and the recent price action, a Hold rating is recommended. This stance allows investors to observe potential reversal signals or further downside before making a decisive action.