- RAY saw a 22% weekend pump – Is memecoin mania the reason?
- Raydium surpassed Uniswap in DEX volume, a growth that could further boost RAY.
As a seasoned crypto investor with over a decade of experience in the market, I’ve seen my fair share of bull runs and bear markets. The recent 22% pump of RAY on Sunday was certainly an exciting development, especially considering its strong performance compared to SOL within the Solana ecosystem.
On Sunday, the 17th of November, Raydium’s RAY token surged by 22%, reaching a fresh annual peak of $6.3. Some market experts believe there is still potential for further growth.
On the weekends, activity within the Solana ecosystem was particularly noteworthy. In contrast, Solana (SOL) experienced a 10% surge each day, while Raydius Protocol’s token (RAY) climbed by 22%.
Raydium stands as the go-to platform for meme coin trading within the Solana ecosystem. Given the ongoing influence of meme coins, could this contribute to an additional surge in the value of the token?
What’s next for RAY?
Ever since RAY started recovering in August, it has skyrocketed more than 350%, climbing from $1.2 all the way up to over $5. Based on technical analysis, breaking the $5 mark could indicate that the token might aim even higher.
On a daily timeframe, the On-Balance Volume (OBV) has potential to reach levels similar to its early 2024 peaks (approaching 1.7B). Moreover, based on the Stochastic RSI’s indication, the price momentum appears poised for a shift away from the oversold region, implying a probable increase in value.
“The most encouraging observation came from the closing of the weekly candlestick. This closing was above $5, and during 2022, a potential bearish order block (OB, cyan) was established.
This meant that RAY could eye $7, $8, or $10 bullish targets if the uptrend momentum continued.
Raydium’s massive DEX growth
From a fundamental standpoint, the optimistic argument for RAY held more weight. Amidst the frenzy of meme coins, Raydium outperformed Uniswap [UNI] in terms of trading volume at decentralized exchanges (DEXs), marking a significant milestone in October.
Speaking about the event, Ryan Watkins – a partner at crypto venture capital firm Syncracy Capital – pointed out that Raydium played a significant role in decentralized exchanges (DEX) reaching a 20% share of total global trading volume. In other words, he highlighted Raydium’s contribution to this achievement.
Currently, Raydium stands as the top Decentralized Exchange (DEX) in terms of trading volume within the cryptocurrency market. Notably, it holds a significant 20% share of the total exchange volumes globally – the highest it has ever been for any DEX. In essence, with the surge of meme coins, Raydium’s success can be likened to a piggy bank overflowing with digital assets.
Read Raydium [RAY] Price Prediction 2024-2025
At the moment of reporting, RAY experienced a slight decrease in temperature, an action possibly instigated by market makers to acquire liquidity below $5.7.
The price may rise towards $6.3 next, which would help maintain RAY’s value above $5 and potentially push it even higher. But if it falls below $5, the progression towards $10 might be postponed.
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2024-11-18 14:15