"Press and hold" (or touch and hold) is clearly the full description. However, is "hold" alone clear enough for users?
Instruction: Press and hold the button for 3 seconds.
Instruction: Hold the button for 3 seconds
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While it ultimately depends on the context and the specific element being referred to, in my opinion, using "Hold" alone may not be sufficient to provide clear instructions. Although it may be understandable to the majority of users, there is a chance that a small percentage could become confused or unsure of what action to take. To err on the side of caution, unless there are constraints with space or other considerations, I would recommend using the full instruction "Press and hold" (or "Touch and hold" if you want) to ensure clarity for all users.