Injective (INJ) is currently priced at $4.99, reflecting a 3.85% decrease over the past 24 hours. The asset traded within a daily range of $5.01 to $5.34, indicating a constrained volatility in recent trading sessions.

Volume has reached 53,743,354, which represents 10.75% of the market cap, suggesting an active trading environment. However, the daily price change of -6.14% over the past week highlights a bearish sentiment, despite a positive change of 9.43% over the last 14 days.

Technical indicators reveal downward pressure, with short-term moving averages (8 SMA at $5.09 and 13 SMA at $5.12) showing declines of 2.05% and 2.54%, respectively. The 1-hour Relative Strength Index (RSI) is notably low at 24, indicating oversold conditions, while the 7-day RSI at 44 suggests weak momentum without confirming a reversal.

The asset is significantly below its all-time high of $52.62, attained on March 14, 2024, pointing to a substantial drawdown. Additionally, the 30-day price change is negative at -7.08%, which could indicate ongoing selling pressure or a lack of bullish catalysts.

Given the current oversold conditions indicated by the low RSI and the relative stability in daily trading range, there may be a potential for a short-term rebound. However, the prevailing bearish trend and the continued downward trajectory of the moving averages suggest caution is warranted.

In conclusion, the analysis presents a mixed outlook for Injective (INJ). The current price action and technical indicators lean towards a Hold rating, as the potential for a rebound exists but is not yet confirmed by the market momentum.