Injective (INJ) is currently trading at $5.18, reflecting a 24-hour change of -4.09%, which indicates bearish sentiment in the short term. The daily trading range is tight at 0.3%, suggesting a lack of volatility and indecision among traders.

The volume over the last 24 hours stands at approximately $41.61 million, representing 8.01% of the market cap. This relatively modest volume, alongside the recent price decline, suggests potential weakening demand as sellers outpace buyers.

Technical indicators paint a bearish picture as well, with hourly moving averages showing a consistent downtrend: the 8 SMA at $5.22 (-0.84%) and the 13 SMA at $5.25 (-1.28%). The 1-hour RSI is particularly low at 19, indicating that INJ may be oversold in the short term, but this also points to the potential for further downward pressure if sentiment does not improve.

In contrast, the 7-day RSI is neutral at 50, suggesting that while the price has seen a minor decrease of 2.28% over the week, it may not yet indicate a strong trend reversal. The 14-day change is slightly positive at 1.93%, and the 30-day change shows a healthy increase of 10.45%, indicating that INJ has experienced some recovery in the medium term despite the current setback.

Historically, INJ reached an all-time high of $52.62 on March 14, 2024, indicating significant potential upside if the market sentiment shifts. However, the current price level, combined with recent bearish momentum, suggests caution is warranted before making aggressive trades.

Considering the overall technical analysis and the current price action, a Hold rating is advised. This approach allows for monitoring potential recovery signs or further declines while avoiding premature buying in a potentially declining market.