In an unexpected turn, the native token of Solana-based automated market maker Raydium, RAY, has surged to become the market's leading gainer over the last 24 hours, defying the general downturn in the market.

With trading activity on the rise, RAY has leaped to its highest price point since 2021, indicating potential for further growth.

An analysis of the RAY/USD daily chart highlights a growing demand for this altcoin. The token's positioning above the Ichimoku Cloud, with its Leading Spans A and B offering dynamic support at $6.04 and $5.87, showcases this momentum.

The Ichimoku Cloud tool assesses asset trend momentum and critical support/resistance levels. Trading above the cloud suggests an uptrend, with the cloud acting as ongoing support, which could foster sustained upward movement, provided the price stays above it.

Moreover, the Chaikin Money Flow (CMF) for RAY corroborates this bullish scenario, standing above the zero line at 0.23.

This indicator reveals money movement into and out of the asset. A positive CMF indicates predominant buying pressure in the markets, signaling accumulation by investors and pointing to a continuing uptrend in RAY's market value. Readings from the Fibonacci Retracement tool for RAY suggest that if the uptrend endures, it might challenge the resistance level at $8.96. Overcoming this barrier could drive prices to $11.05 and possibly toward its all-time high of $17.80.

Nonetheless, a surge in selloffs could thwart this optimistic projection. In such a case, RAY could relinquish its recent gains and drop below the Ichimoku Cloud support levels, potentially trading as low as $4.30.