Injective (INJ) is currently trading at $4.68, reflecting a significant decline of 10.69% over the past 24 hours. The price action has shown volatility within a daily range of $4.60 to $5.27, indicating a loss of momentum in the short term as it approaches the lower end of this range.

The trading volume stands at approximately $68.24 million, with a volume-to-market cap ratio of 14.57%, which suggests a relatively active market. However, the ongoing downtrend is evidenced by the hourly moving averages, with all significant SMAs showing losses between 9.50% to 12.25%, indicating bearish momentum across various time frames.

The Relative Strength Index (RSI) readings reveal a concerning market sentiment, with the 1-hour RSI at 19 indicating oversold conditions, while the 7-day RSI at 46 suggests a neutral position. This divergence implies potential short-term price recovery but highlights the lack of buying pressure over a longer period, reflected in a 7-day price change of -11.05%.

From a technical perspective, the current price is significantly below all moving averages, which reinforces the bearish outlook. The all-time high of $52.62 reached earlier this year seems distant, and the inability to maintain recent gains further supports a cautious approach toward investment in INJ.

Given the current technical indicators, price action, and sentiment, the recommendation is to Hold INJ at this time. While oversold conditions might indicate a potential short-term rebound, the overall trend remains bearish, and without strong buying volume or positive market sentiment, further declines may be likely.