Raydium’s RAY Token Skyrockets 665% in 2024, What’s Next?
If you’re into cryptocurrencies, you’ve probably heard rumors about Raydium’s RAY token. Its massive 665% rise this year has caught everyone’s attention. From dominating the Solana decentralized exchange to breaking revenue records, Raydium is positioning itself to be a key player in 2024. What is giving the coin so much momentum, let’s take a look.
Stunning surge in RAY token
RAY has served its followers this year with an incredible 665.45% return. With this, it became one of the best performing cryptocurrencies. Since Raydium is not a memecoin, this surge is not some kind of pump and dump. It reflects the market’s growing confidence in altcoins and their amazing role in the Solana ecosystem.
Raydium now controls almost half the company Solana DEX quantity. In the week from December 2 to December 9, it processed $23 billion in transactions. This is more than all competitors such as Orca, Pumpfun, Meteora and Lifinity have achieved combined. This improvement is not random. The sudden surge in memecoin trading has brought huge attention and activity to the platform.
Break records and build momentum
Raydium doesn’t just lead in numbers. It generated $226 million in fees over the past month, surpassing giants like Uniswap and even Solana. Only Ethereum and Tether do better. These figures demonstrate the platform’s profitability and its growing importance in the DeFi space.
But it’s not just about income. Technical indicators for RAY suggest strong buying interest. RAY’s relative strength index (RSI) surged from 26 to 70 in just two days. While this level suggests a possible price correction, it also confirms the strong market momentum behind the coin.
what to expect
It looks like Raydium still has some fuel and the bullishness may not be over yet. If it can maintain its trend, RAY may hit $6.46 soon, but the resistance levels of $5.85 and $6.46 may prove challenging. Conversely, if momentum weakens and prices decline, support between $5.26 and $5.19 could be very helpful.
All eyes are on RAY to see if it can get back to its $16.93 high and break above it. There is no doubt that it has been a long journey, but as the Solana ecosystem continues to grow and the memecoin hype continues, there is still hope for new all-time highs.
What’s next for Ray? Only time will tell, but one thing is for sure – this is a symbol you can’t ignore.
