Injective (INJ) is currently trading at $6.59, reflecting a 3.43% increase over the past 24 hours, indicating a positive short-term momentum. The daily trading range has been relatively tight, with a high of $6.79 and a low of $6.32, suggesting market stability within this period.

Volume stands at approximately $77.6 million, translating to a volume-to-market cap ratio of 11.79%, which indicates a healthy trading activity relative to market capitalization. The short-term hourly moving averages show mixed signals, with the 8 SMA at $6.68 showing a decline of 1.36%, while the 13 SMA indicates a slight uptick of 0.13%, suggesting indecision among traders.

The 1-hour RSI is at 59, indicating that INJ is nearing overbought territory, while the 7-day RSI at 45 reflects bearish sentiment in the medium term, reinforcing a potential correction. The 7-day price change shows a decline of approximately 12.60%, and the 30-day change is even more significant at -21.94%, highlighting a longer-term bearish trend.

Despite recent volatility, the 14-day price change is positive at 4.96%, which might hint at a reversal if sustained. However, the all-time high of $52.62 reached in March 2024 remains far above the current price, indicating significant potential upside but also underscoring the volatility inherent in the asset.

Given the current technical indicators and the recent price action, a cautious approach is advisable. Therefore, I recommend a Hold rating for INJ at this time, as the market shows mixed signals and a potential for further price fluctuations before a definitive upward trend can be established.