Injective (INJ) is currently trading at $12.67, reflecting a slight 24-hour change of 0.74514%. The price action has seen a daily range of $12.17 to $13.04, indicating moderate volatility with a daily range of 0.87%.

The trading volume over the past 24 hours stands at approximately $213.33 million, which corresponds to a volume-to-market cap ratio of 17.22%. This level of trading activity suggests a healthy interest in the asset, although it is essential to note the volatility in the market.

Analyzing the hourly moving averages, the 8 SMA is at $12.46 with a positive change of 1.67%, while the 13 SMA is slightly above at $12.62, showing a modest increase of 0.42%. The 21 SMA, which aligns with the current price at $12.67, indicates stability, but the longer-term moving averages, such as the 55 SMA at $11.94 (+6.09%) and the 144 SMA at $11.08 (+14.34%), reflect a stronger bullish trend in the longer term.

In terms of momentum indicators, the 1-hour RSI is neutral at 49, suggesting no immediate overbought or oversold conditions. However, the 7-day RSI at 59 indicates that INJ is approaching overbought territory, supported by a significant 7-day price change of 17.1% and a notable 14-day price change of 20.9%.

Injective's current price is significantly below its all-time high of $52.62 reached in March 2024, indicating potential upside. Despite a slight decrease of 2.72% over the past 30 days, the positive trends in both short-term and long-term moving averages, coupled with strong volume, suggest a potential recovery phase.

Based on this analysis, a Buy rating is warranted as the asset shows signs of stability and positive momentum indicators, alongside healthy trading volume. The current price level presents a favorable entry point with potential for growth towards previous highs, making it an attractive opportunity for investors.