Injective (INJ) is currently trading at $5.38, having experienced a significant 24-hour decline of 5.77%. The price has ranged between $5.32 and $6.02 within the last 24 hours, indicating a daily volatility of 0.7%, suggesting a cautious trading environment.

Volume over the last 24 hours stands at approximately $94.4 million, representing 17.55% of the market cap, indicating a relatively active trading session but not at a peak level. The current short-term moving averages show bearish momentum, with the 8 SMA at $5.40 reflecting a decrease of 0.34%, while longer-term SMAs also indicate declining trends, with the 55 SMA at $5.66 showing a 4.87% drop.

The 1-hour RSI is notably low at 18, indicating that the asset may be oversold in the short term, while the 7-day RSI at 49 suggests a neutral sentiment in the mid-term. Over the past week, INJ has declined by approximately 9.25%, and the 14-day change of -10.30% further reinforces the bearish trend, alongside a substantial 30-day drop of nearly 30%.

Given the current price significantly below its all-time high of $52.62 reached in March 2024, the potential for recovery remains contingent upon broader market conditions and investor sentiment. The lack of significant bullish signals in moving averages and RSI metrics suggests caution, despite the oversold condition indicated by the hourly RSI.

In summary, the current technical indicators and price action suggest a bearish sentiment for INJ, with no immediate signs of recovery. Therefore, the rating for Injective (INJ) is a Sell, as the current momentum does not favor a short-term rebound, and further declines may be expected until a clearer bullish reversal pattern emerges.