Injective (INJ) is currently trading at $6.50, reflecting a 24-hour change of -1.68%. The price fluctuated between a daily high of $6.96 and a low of $6.12, indicating a narrow trading range of 0.84% which suggests a period of consolidation.

The volume of $124,331,987 corresponds to a volume-to-market cap ratio of 19.15%, indicating a healthy level of trading activity relative to its market capitalization. However, the hourly moving averages show a bearish trend, with the 8 SMA at $6.63 down 2.00% and the 144 SMA at $6.69 down 2.90%, signaling downward momentum in the short term.

Technical indicators such as the 1-hour RSI at 50 suggest that the asset is neither overbought nor oversold, maintaining a neutral stance. In the 7-day timeframe, the RSI is at 48, further confirming the lack of strong bullish or bearish pressure, while a 7-day price change of -10.81% indicates ongoing bearish sentiment.

Over the past 14 days, INJ has experienced a slight decline of 2.22%, but the more significant concern is the 30-day change of -25.87%, reflecting a broader downtrend. The all-time high of $52.62 reached on March 14, 2024, creates a stark contrast with the current price, indicating a significant pullback and loss of market confidence.

Based on the technical analysis and current price action, the market sentiment appears bearish, with the potential for further downside in the short term. Therefore, the recommendation for Injective (INJ) is to Hold, as investors should wait for a clearer reversal signal or confirmation of support before considering new positions or additional investments.