Injective (INJ) is currently priced at $3.66, reflecting a 4.99% decline over the last 24 hours. The daily trading range has been tight, with a high of $3.89 and a low of $3.38, indicating limited volatility amidst the downward trend.

The trading volume stands at approximately 84.2 million, which constitutes 23% of the market cap, suggesting healthy market activity despite the price drop. Moving averages indicate mixed signals: the 8 SMA and 13 SMA are trending positively, while the longer-term 55 SMA and 144 SMA show significant declines of 5.21% and 12.56%, respectively.

Short-term momentum, as indicated by the 1-hour RSI at 56, suggests a neutral to slightly bullish sentiment. Conversely, the 7-day RSI at 40 indicates bearish pressure, aligning with a significant price decline of nearly 17.69% over the past week and a staggering 29.69% over the last 14 days.

The all-time high of $52.62 reached on March 14, 2024, underscores the potential for recovery; however, the current price is significantly below historical levels. The considerable drop in price over the last month, coupled with bearish RSI readings, suggests that market sentiment is currently negative, which may deter new buying interest.

Given the current market conditions, including the recent price action, mixed moving averages, and bearish momentum indicators, I recommend a Hold rating on Injective (INJ). This stance is based on the potential for stabilization in the short term, but caution is warranted due to the ongoing bearish trends.