Injective (INJ) is currently trading at $3.66, reflecting a slight decline of 0.39% over the last 24 hours. The asset has experienced a daily trading range of $3.47 to $3.77, indicating a volatility of 0.3% within this period, which is relatively low.

The trading volume stands at approximately 59.91 million, corresponding to a volume-to-market cap ratio of 16.35%. This indicates healthy trading activity, yet the recent price action shows a significant decline of 17.48% over the past week, 20.30% over the past 14 days, and a more considerable 29.08% drop in the last month, suggesting bearish market sentiment.

From a technical perspective, the hourly moving averages indicate a mixed signal; the 8 and 13 SMA show positive momentum at $3.62, while the 144 SMA at $3.78 reflects a downward trend of 3.18%. The 1-hour RSI is neutral at 51, suggesting that the price may stabilize, while the 7-day RSI at 42 indicates that INJ is nearing oversold territory.

Given the declining price trends and recent bearish momentum reflected in both the 7-day and 14-day price changes, further selling pressure could be anticipated. Additionally, the inability to hold above critical moving averages suggests a lack of buying support.

In conclusion, while the current trading volume indicates some interest, the overall price action and technical indicators point to continued weakness in the short to medium term. Therefore, the rating for Injective (INJ) is a Sell, as conditions do not support a bullish reversal at this time.