Injective (INJ) is currently trading at $5.25, reflecting a 24-hour decline of 1.91%. The daily price range has been tight, oscillating between a low of $5.22 and a high of $5.41, indicating a lack of significant volatility in the short term.

The volume of 40,001,936 suggests active trading, but a volume-to-market cap ratio of 7.61% indicates that the market's liquidity is relatively low compared to its capitalization. Short-term moving averages are all trending downward, with the 8 SMA at $5.32 and the 55 SMA at $5.41, signaling bearish momentum over various timeframes.

The 1-hour RSI is positioned at 33, indicating that INJ may be oversold in the very short term. The 7-day RSI at 46 suggests a lack of strong bullish or bearish momentum, while longer-term indicators show a concerning downward trend, with the 30-day price change at -24.30%.

Injective's all-time high of $52.62 from March 2024 underscores the potential upside, but current price action reflects significant market correction since then. The overall trend from the 14-day price change of -11.29% further emphasizes the bearish sentiment surrounding the asset.

Given the current technical indicators, including weak RSI values and declining moving averages, the short-term outlook for INJ remains negative. Therefore, a Sell rating is warranted as the market shows no immediate signs of reversal and appears to be consolidating at lower levels.