Injective (INJ) is currently trading at $5.37, experiencing a 24-hour decline of 6.32%. The price fluctuated between a high of $6.02 and a low of $5.36 over the same period, indicating a daily range of 0.66% and reflecting current market volatility.

The trading volume over the past 24 hours stands at approximately 90.93 million, which corresponds to a volume-to-market cap ratio of 16.87%. This suggests a healthy trading activity relative to its market capitalization, though the declining price trend raises concerns about the sustainability of this volume.

Moving averages show that the short-term sentiment is bearish, with the 8 SMA at $5.77 down 6.97% and the 13 SMA at $5.71 down 5.96%. Longer-term SMAs also reflect negative momentum, with the 144 SMA at $5.62 down 4.53%, indicating that INJ is in a downward trend across multiple time frames.

The 1-hour RSI is currently at 35, suggesting that INJ is approaching oversold territory, while the 7-day RSI at 46 indicates a lack of strong momentum in either direction. Over the past week, INJ has decreased by approximately 10.40%, with longer-term declines of 11.04% over 14 days and a significant 33.83% over the past month, highlighting a bearish sentiment in the market.

The all-time high for INJ was $52.62, reached on March 14, 2024, which presents a stark contrast to the current price levels. Given the substantial price drop from this peak, investor sentiment may still be cautious as it reflects a significant loss of value and market confidence.

Considering the technical indicators and the recent price action, the recommendation for Injective (INJ) is to Hold. While the current price is low, suggesting potential for a rebound, the continued downward trend and weak momentum indicators advise against entering new positions at this time.