Injective (INJ) is currently trading at $6.11, reflecting a significant decline of 6.1% over the past 24 hours. The price has oscillated between a high of $6.73 and a low of $5.94 during this period, indicating a daily range of 0.79% and showing increased volatility.

The trading volume stands at approximately $101.8 million, which corresponds to 16.69% of the market cap, suggesting decent liquidity. However, the downward pressure is evident as all key moving averages (8 SMA to 144 SMA) are trending lower, with the 55 SMA at $6.52 showing a decline of 6.35%.

Technical indicators reveal an oversold condition, with the 1-hour RSI at 28, while the 7-day RSI at 46 indicates a neutral to slightly bearish sentiment. The price has seen a negative trend over various time frames, with a 7-day change of -12.38%, a 14-day change of -3.28%, and a notable 30-day decline of 27.74%.

Injective's all-time high of $52.62, reached in March 2024, casts a long shadow on its current valuation, highlighting the steep decline from previous highs. The substantial price drop and recent bearish momentum suggest that market sentiment is currently unfavorable, and the likelihood of a short-term rebound remains low.

Given the current technical indicators, price action, and overall market conditions, the rating for Injective (INJ) is a Sell. The combination of declining moving averages, oversold RSI, and significant price drops over the past month indicates that further downside risk may be present before a potential recovery can occur.