Injective (INJ) is currently trading at $3.24, reflecting a notable 5.29% decline over the last 24 hours. The daily trading range is tight at just 0.3%, indicating low volatility amidst the price drop, with a 24-hour high of $3.54 and a low that matches the current price.

Volume stands at approximately $57.5 million, translating to a volume-to-market cap ratio of 17.73%. This suggests a healthy trading activity relative to its market capitalization, yet the recent price action indicates bearish sentiment, as evidenced by the hourly RSI at a low 22, signaling potential oversold conditions.

The short-term moving averages (8 SMA at $3.36, 13 SMA at $3.40, and 21 SMA at $3.41) are all trading below the current price, which typically indicates a bearish trend. The 55 SMA is significantly higher at $3.54, reinforcing the resistance level, while the 144 SMA at $3.39 also adds to the bearish momentum as it is slightly above the current price.

In terms of momentum, the 7-day RSI at 51 suggests neutrality, whereas the 14-day price change indicates a modest uptrend of 2.35%. However, the 30-day price change shows a steep decline of approximately 28.38%, reflecting longer-term bearish pressure that could weigh on short-term recovery.

Given the current technical indicators, the price is nearing a critical support level at $3.24, where a bounce could occur if buying pressure increases. However, the overall trend appears negative, and the high resistance levels suggest that any upward movement may be limited in the near term.

Considering these factors, the rating for Injective (INJ) is a Sell. The bearish trend in both the short and long term, coupled with weak momentum indicators and a tight trading range, indicates that further declines are likely before any substantial recovery.