Injective (INJ) is currently trading at $4.45, reflecting a slight 24-hour decline of 0.62%. The daily price range shows a low of $4.41 and a high of $4.52, indicating limited volatility with a daily range of only 0.11%.

Volume over the last 24 hours is approximately 36.56 million, which translates to a volume-to-market cap ratio of 8.22%. This relatively healthy volume suggests moderate investor interest, although the price decline indicates some selling pressure.

The hourly moving averages indicate a bearish trend, with the 8 SMA at $4.47 down 0.46% and the 13 SMA at $4.46 down 0.30%. The longer-term 55 SMA is slightly bullish at $4.44 with a 0.33% increase, while the 144 SMA reflects a more significant bearish sentiment at $4.48, down 0.77%.

The 1-hour RSI stands at 51, suggesting a neutral short-term momentum, while the 7-day RSI at 48 indicates a slight bearish bias. Over the past week, INJ has experienced a price drop of 6.40%, and a more pronounced decline of 20.18% over the past 14 days shows that the asset is currently under significant selling pressure.

Despite the recent decline, the current price remains substantially below its all-time high of $52.62, achieved in March 2024. This highlights a potential for recovery, provided market conditions improve and investor sentiment shifts positively.

In conclusion, the technical indicators suggest a bearish trend in the short term with declining moving averages and recent price drops. However, given the strong volume and neutral RSI readings, a Hold rating is recommended, allowing time to assess market conditions for a potential reversal before making any buying or selling decisions.