Injective (INJ) is currently priced at $3.44, experiencing a 24-hour decline of 5.11%. The daily trading range has been relatively tight, with a high of $3.64 and a low of $3.42, indicating limited volatility in the short term.

The trading volume stands at approximately $66.3 million, contributing to a volume-to-market cap ratio of 19.26%, which suggests healthy trading activity relative to its market capitalization. However, the price has seen significant downward pressure, with a 7-day price change of -20.51% and a 30-day decline of -35.30%, reflecting a bearish trend in the medium-term outlook.

Technical indicators also signal weakness, as the 1-hour RSI at 42 suggests that INJ is approaching oversold territory, while the 7-day RSI of 43 confirms a lack of buying momentum. The hourly moving averages are all trending downwards, with the 8 SMA at $3.49 and the 55 SMA at $3.60, indicating that short-term sentiment remains negative.

Given that the price is significantly below its all-time high of $52.62 reached in March 2024, the current valuation appears substantially depressed. Furthermore, the continued downtrend across multiple time frames indicates a challenging environment for buyers.

In conclusion, the combination of declining prices, weak RSI indicators, and bearish moving averages suggests that INJ is not poised for a near-term recovery. Therefore, the rating for Injective (INJ) is a Sell, as further price erosion may occur unless there are significant changes in market sentiment or fundamentals.