Injective (INJ) is currently trading at $3.17, reflecting a slight decline of 1.18% over the last 24 hours. The asset has experienced a daily trading range of $3.05 to $3.24, indicating low volatility, with a volume of approximately $44.6 million, representing 14.06% of its market capitalization.

Technical indicators show that short-term moving averages are slightly bullish, with the 8 SMA at $3.13 (+1.19%) and the 13 SMA at $3.15 (+0.66%). However, longer-term moving averages are bearish, with the 55 SMA at $3.22 (-1.41%) and the 144 SMA at $3.30 (-3.90%), suggesting a struggle to maintain upward momentum.

The RSI readings support a neutral stance, with the 1-hour RSI at 44 and the 7-day RSI also at 44, indicating that the asset is neither overbought nor oversold. Recent price changes further illustrate a bearish trend, with the 7-day, 14-day, and 30-day price changes at -14.05%, -28.92%, and -39.32%, respectively.

Given that INJ is significantly below its all-time high of $52.62, reached in March 2024, it faces substantial resistance to regain bullish sentiment. The combination of bearish longer-term moving averages, declining price changes, and neutral RSI readings points to a lack of upward pressure in the near term.

In summary, the current market conditions for Injective indicate a cautious outlook. Based on the analysis of technical indicators and recent price trends, a Hold rating is appropriate, as potential for short-term recovery exists but is coupled with significant resistance.