Injective (INJ) is currently trading at $6.29, reflecting a significant drop of 5.71% in the last 24 hours. The price has fluctuated within a range of $6.28 to $6.96 during this period, indicating volatility but a lack of upward momentum.

The trading volume over the last 24 hours stands at approximately 110.5 million, equating to a volume-to-market cap ratio of 17.58%. This suggests that the market is experiencing a relatively active trading session, although the price decline indicates selling pressure outweighs buying interest.

The hourly moving averages indicate a bearish trend, with the 8 SMA at $6.59 showing a decrease of 4.53%, and the 144 SMA at $6.73 reflecting a more significant decline of 6.60%. These trends suggest that the short-term momentum is negative, and the asset is struggling to regain any upward traction.

Both the 1-hour and 7-day Relative Strength Index (RSI) readings are at 39 and 44, respectively, indicating that INJ is approaching oversold territory but has not yet entered it. The 7-day price change of -16.83% and the 30-day change of -29.38% further underline a downtrend, which can lead to investor caution.

Given the significant price depreciation since its all-time high of $52.62 in March 2024, the current valuation reflects a lack of bullish sentiment in the market. The technical indicators and recent performance suggest that INJ may face further declines if selling pressure continues, particularly with weak RSI readings and downward-moving averages.

In conclusion, the analysis indicates a bearish outlook for Injective (INJ). Therefore, the rating is a Sell, as the combination of declining price action, negative momentum indicators, and the overall market sentiment suggests that further losses are likely in the near term.