Injective (INJ) is currently priced at $3.05, reflecting a slight decline of 1.14% over the last 24 hours. The daily trading range has been narrow, between a high of $3.09 and a low of $2.97, indicating reduced volatility in the short term.

The trading volume stands at approximately 35 million, representing a volume-to-market cap ratio of 11.50%. This level of trading activity suggests that there is moderate interest among traders, but the recent decrease in price may signal a lack of conviction in the current buying momentum.

From a technical perspective, the short-term moving averages are showing positive momentum, with the 8 SMA at $3.01 and a 1.49% increase, while the 144 SMA indicates a more bearish trend at $3.11 with a decline of 2.04%. The hourly RSI is positioned at 56, indicating that the asset is neither overbought nor oversold, which may suggest potential for short-term gains.

In contrast, the 7-day RSI is at 46, signaling a neutral trend and potential weakness in the near term, especially as the 7-day price change reflects a decline of 4.75%. The 14-day and 30-day price changes are even more concerning, at -23.11% and -44.67%, respectively, indicating significant bearish pressure over the medium to long term.

Injective's all-time high of $52.62 achieved in March 2024 remains a distant target, emphasizing the current bearish sentiment in the market. Given the mix of short-term positivity from moving averages and RSI levels, alongside a longer-term bearish trend, the outlook is cautious.

Considering these factors, I recommend a Hold rating on Injective (INJ) at this time. While there is some potential for short-term gains based on the moving averages and RSI, the significant longer-term declines warrant caution before making new purchases.