On Monday, October 28, Raydium (RAY) prices crossed the $3.45 mark as it jumped 16.8% in the past 24 hours. As the crypto market opened on Monday several other decentralized exchange-based Solana (SOL) cryptocurrencies surged including Jupiter (JUP) and Aerodrome Finance (AERO) which ultimately culminated in Solana flipping Ethereum on daily transaction fees.
Raydium prices have gained 57.7% all through the last week, reaching the $3.48 level from the $2.24 level. This surge in RAY’s value has been attributed to Kraken Pro’s addition of RAY futures trading on October 25. This made the Solana-based token available on more trading avenues. Furthermore, the coin’s October 23 upgrade enhanced its liquidity and swap speeds which has facilitated the rise in transactions.
At present, Raydium is the 3rd highest DEX based on daily trading volume. The surge in RAY price has also made it enter the top 5 decentralized finance (DeFi) protocols on Solana. DeFi TVL aggregator DeFiLlama has ranked Raydium in 5th place in terms of total value locked (TVL) as it has experienced a 29.31% jump in TVL in the last one month, making it stand at $2.62 million at the moment.
Day by day Raydium’s trading volume is increasing as it has reached the 4th spot in DEX trading volume with $358.3 million while Raydium (CLMM) stands in 3rd position with a $366.5 million trading volume.
The cryptocurrency has over $905 million market cap as per an update given by its team on March 19. This is supported by good trading activity which is causing the surge in RAY prices.
Further analysis of the digital asset highlighted a bullish trend which can make it rally past the $3.40 mark as it has consistent support above the $2.00 resistance level. The technical indicators of Raydium point towards an upward trend with no immediate chance of reversals as the coin’s 50-day, 100-day, and 200-day simple moving averages (SMA) are going up.
Raydium is displaying a candlestick pattern on the price chart which implies intense buying sessions followed by little retracements. This is in line with the bullish sentiment that crypto traders are showing for RAY. This digital asset is not a survivor of downturns but a leader of the pack as indicated by high trading volumes and rapid price changes in this fast-moving crypto market.
The Solana-based DEX coin can be a major player in the DeFi landscape if continues the upward trend and overcomes new resistance levels. However, RAY’s success depends on how the crypto market evolves in the coming days. Crypto investors can soon turn bullish from a guarded attitude as Raydium grows in strength.
As of October 28 day end, Raydium is trading at $3.30, down by 7.62% in the last 24 hours. Both its trading volume and market cap have decreased by 2.52% and 7.50% to touch $141.41 million and $871.33 million respectively.