Injective (INJ) is currently trading at $3.58, reflecting a 24-hour change of -3.17%. The asset has experienced a daily high of $3.72 and a low of $3.59, indicating a tight daily range of 0.13%, which suggests limited volatility in the short term.

The volume of 41,960,298 and a volume-to-market cap ratio of 11.71% indicates a relatively active trading environment, but the downward price trend suggests weak buyer interest. The hourly moving averages show that the short-term sentiment is bearish, with the 8 SMA at $3.67 down 2.33% and the 21 SMA at $3.67 down 2.47%, reinforcing the notion of a downtrend.

The Relative Strength Index (RSI) is currently at 35 for the 1-hour and 38 for the 7-day periods, indicating that INJ is nearing oversold territory. However, the longer-term price changes reveal significant declines of approximately 19.80%, 21.47%, and 31.20% over the last 7, 14, and 30 days, respectively, reflecting persistent bearish momentum.

The all-time high for INJ stands at $52.62, achieved on March 14, 2024, indicating substantial room for recovery. Given the current price levels and the significant distance from the all-time high, any positive sentiment or market recovery could lead to a considerable upside.

Considering the technical indicators, including the bearish moving averages and RSI levels, alongside the ongoing downtrend in price, the current environment suggests caution. Therefore, I recommend a Hold rating on INJ, awaiting clearer signs of reversal or stabilization before considering any new positions.