- Ah, the tale of Raydium’s token, RAY, which, like a hapless character in a Chekhov play, faced a veritable storm of selling pressure as its Open Interest dwindled, and the Funding Rate, for the first time in months, took a nosedive into the negative abyss.
- Market sentiment, as gloomy as a Russian winter, remained bearish, with traders engaging in a panic sell-off that only served to increase Raydium’s network activity and trading volume—because why not add chaos to chaos?
Raydium [RAY] finds itself in a quagmire of market uncertainty, as whispers of Pump.fun launching its Automated Market Maker (AMM) liquidity pool have sent investors into a frenzy, reminiscent of a flock of startled pigeons.
With the debut of the first test token, $CRACK, on Pump.fun’s AMM pool, RAY investors are left wringing their hands, pondering the fate of their beloved token in the vast Solana ecosystem.
According to CoinMarketCap, RAY has plummeted below the $4.20 key support level, suffering a 21.04% price dip. Meanwhile, trading volume has surged by 65.74% in the last 24 hours—because nothing says “healthy market” like a frantic rush to sell.
Raydium’s price action on the chart
RAY has broken down from its right-angled ascending broadening pattern on the daily chart, trading at a mere $2.41 at press time. A tragic fall, indeed.
After the news of Pump.fun’s AMM, the token tumbled below the $4.20 key support level, losing more than 27% of its market price—like a character in a Chekhov story, it seems to be spiraling into despair.
In light of the current market FUD surrounding Raydium, the next major support is anticipated to sit at $2.20, as foretold by the oracle, analyst Ali Martinez on X (formerly Twitter).
The $4.00-$4.20 zone will now serve as RAY’s new resistance, a cruel twist of fate.
Raydium’s on-chain metrics amid market news
RAY’s trading volume has risen by 65.74%, despite the price dip in the last 24 hours, signaling a curious increase in market activity—perhaps a sign of collective madness?
According to TradingView data, the Relative Strength Index (RSI) stood at 26, and MACD(12,26) sat at -0.6569, suggesting overselling and a strong bearish momentum—like a gloomy cloud hanging over a dreary village.
Raydium’s Open Interest has dropped by 33.85%, and its Funding Rate has turned negative for the first time in months, a sign of the times.
According to DefiLlama data, Raydium’s Total Value Locked (TVL) has steadily declined over the last 72 hours, now standing at $1.213B, as of this writing. A tragic tale of loss.
A sudden surge in the network’s active addresses signals massive panic selling by investors, driven by the winds of market news.
Market sentiment: Is the FUD real?
At press time, Raydium’s Long-Short Ratio was 0.93, indicating a slightly negative neutral zone, according to Coinglass data. This suggests that the market is more populated by sellers than buyers—an unfortunate reality.
With short-term, mid-term, and long-term moving averages all signaling a strong “Sell,” the FUD among traders could indeed be real, like the existential dread of a Chekhov character.
If buyers can defend the $2.70 level with strong volume, ignoring the FUD, Raydium might see a trend reversal toward the $3.50-$4.00 key zone
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2025-02-26 10:20