Injective (INJ) is currently trading at $12.89, reflecting a minor decline of 0.80% over the past 24 hours. The price has fluctuated between a daily high of $13.20 and a low of $12.85, indicating a relatively tight trading range of 0.35% for the day.

Trading volume stands at approximately 69.84 million, contributing to a volume-to-market cap ratio of 5.55%. This suggests moderate trading activity relative to its market capitalization, which may indicate a lack of strong buying pressure in the short term.

The short-term technical indicators reveal a bearish sentiment, with the 8-hour simple moving average (SMA) at $13.03 and a decline of 1.10%. Similarly, the 13-hour and 21-hour SMAs are also trending lower, suggesting a consistent downward trajectory in price momentum.

The Relative Strength Index (RSI) figures are notably low, with a 1-hour RSI of 38 and a 7-day RSI of 44, indicating that INJ is approaching oversold territory. This weak momentum is further corroborated by negative price changes over the past week, 14 days, and 30 days, indicating sustained selling pressure.

Injective reached an all-time high of $52.62 in March 2024, but the current price reflects a significant decline from that peak. The ongoing downtrend, coupled with the RSI levels, suggests that buyers may be hesitant to enter the market until a clearer reversal signal emerges.

Based on the current technical and fundamental analysis, the recommendation for Injective (INJ) is to Hold. The presence of weak momentum indicators and continued price decline suggests that investors should wait for a potential bottom or reversal pattern before considering new positions or increasing exposure.