Injective (INJ) is currently trading at $6.65, reflecting a 24-hour decline of approximately 2.00%. The asset experienced a daily high of $6.95 and a low of $6.66, indicating a narrow daily range of just 0.29%, which suggests low volatility and trader indecision.

The volume over the past 24 hours stands at approximately 55.64 million, representing 8.34% of its market cap. This volume level is relatively consistent but shows a decline compared to recent weeks, indicating a potential weakening of buying interest as the price moves lower.

Analyzing the moving averages, the short-term 8, 13, and 21 SMA are all situated around $6.80 and are showing negative trends, indicating bearish pressure. The 55 SMA at $6.90 and the longer-term 144 SMA at $7.40 suggest a significant downtrend, with the price well below these key moving averages.

The RSI metrics reveal an asset that is neither overbought nor oversold, with the 1-hour RSI at 46 and the 7-day RSI at 44. These levels indicate a lack of strong momentum in either direction, further corroborating the current consolidation phase in the market.

Fundamentally, INJ has experienced a substantial price decline over the past 30 days, down nearly 23%, and this bearish trend has persisted for both the 14-day and 7-day periods. Given the persistent downward pressure, alongside the failure to reclaim significant moving average levels, market sentiment appears to be predominantly negative.

Considering the current technical indicators, market trends, and the recent price movements, I recommend a Sell rating for Injective (INJ). The prevailing downtrend, coupled with declining volume and RSI readings, suggests further potential downside risk before any significant recovery can be expected.