Injective (INJ) is currently trading at $5.37, reflecting a 24-hour change of -4.42%. The price action has been relatively contained within a daily range of 0.7%, with a low of $5.32 and a high of $6.02 over the past 24 hours, indicating a slight bearish sentiment.

The volume of 90,345,621 suggests active trading, with a volume-to-market cap ratio of 16.84%, indicating a healthy level of market interest despite the recent price decline. Short-term moving averages show a consistent downward trend; for instance, the 8 SMA is at $5.49 (-2.26%), while the longer 55 SMA is at $5.67 (-5.36%), indicating a lack of upward momentum.

The current 1-hour RSI is at 30, which signals oversold conditions in the short term, while the 7-day RSI at 47 suggests a neutral trend overall. However, the 7-day price change of -11.80% and 30-day price change of -30.59% reflect significant bearish momentum over a more extended period, indicating underlying weakness.

Injective's all-time high stands at $52.62, achieved in March 2024, indicating a substantial decline from its peak. The substantial price drop since the all-time high, combined with the current bearish technical indicators, suggests that traders are uncertain about the near-term prospects.

Considering the current price levels, RSI indicators, and the bearish trend in moving averages, a cautious approach is warranted. Therefore, the recommendation is to Hold at this time, as further confirmation of a reversal or stabilization is needed before considering any buying opportunities.