Injective (INJ) is currently priced at $3.01, reflecting a 4.52% decline over the last 24 hours. The asset has shown minimal volatility within this period, with a daily range of just 0.14%, indicating a consolidation phase.

Trading volume stands at approximately 31.47 million, corresponding to a volume-to-market cap ratio of 10.44%, suggesting a healthy level of market interest. Despite this, the price has been declining over various moving averages, with the 8 SMA at $3.09 showing a 2.47% decrease, indicating bearish momentum in the short term.

The 1-hour RSI is currently at 28, signaling that INJ is in oversold territory, which might indicate a potential short-term reversal. Conversely, the 7-day RSI sits at 50, reflecting neutral momentum, while the 14-day and 30-day changes at -14.95% and -36.84% respectively indicate a significant bearish trend over a longer timeframe.

Injective's all-time high of $52.62, reached on March 14, 2024, sets a stark contrast to its current valuation, highlighting the considerable drawdown and loss of investor confidence. The persistent downward pressure in both short and medium-term price movements suggests that the current bearish trend is more likely to continue unless there is a significant catalyst or market shift.

Given the oversold conditions indicated by the short-term RSI, there may be a brief opportunity for a bounce; however, the overall trend remains negative. Therefore, the recommendation is to Hold at this stage, monitoring for any potential signals of trend reversal or further declines before making a more decisive action.