RAY Price Skyrockets as Solana Top DEX In Volume
Raydium’s native token, raysurged 665.45% in 2024, cementing its position as one of the best-performing cryptocurrencies of the year. Recently, the platform’s DEX monthly trading volume surpassed Uniswap, surging by $23 billion in one week.
As the dominant decentralized exchange Solana Within the ecosystem, Raydium continues to benefit from its market leadership and growing adoption.
Raydium is now one of the most profitable businesses in cryptocurrency
Raydium solidifies its position as the leading decentralized exchange (DEX) Solana ecosystem, with weekly transaction volume reaching a staggering $23 billion between December 2 and 9. This figure exceeds that of its nearest competitors Orca, Pump musicMeteora and Lifinity.
Raydium’s market share currently accounts for nearly 50% of all DEX trading volume on Solana, benefiting from Meme Coin.
Raydium also generated $226 million in fees over the past 30 days, surpassing well-known platforms such as Jito, Uniswap, Circle and even Solana itself. It ranks behind Ethereum and Tether.
As the Solana ecosystem grows significantly, Raydium’s status as its top application creates a strong tailwind for its price.
RAY RSI reaches overbought levels
Radium relative intensity index (relative strength index) experienced rapid growth, going from 26 to 70 in less than two days. The sharp rise reflects strong buying momentum fueled by recent price surges.
These levels of RSI indicate ray Moving from oversold to closer to overbought territory indicates increased market interest and demand.
RSI is a momentum oscillator that ranges from 0 to 100 and measures the speed and magnitude of price changes. Values below 30 indicate oversold conditions and typically precede a rebound, while values above 70 indicate overbought conditions, which may signal a potential correction.
Currently, the RAY RSI is at 69, which is on the verge of overbought territory. If the RSI exceeds 70, it may indicate further upside potential before a pullback occurs.
Raydium Price Prediction: Will It Rise Back to $6 in December?
The Raydium Exponential Moving Average (EMA) line shows a unique momentum shift. Just two days ago, they formed a death cross, with the shortest-term moving average below the longer-term moving average, indicating bearish sentiment.
However, Radium price A rapid recovery has begun, with the shortest EMA now back above the longest EMA, signaling a bullish reversal. The move coincides with a 20% price increase in the past 24 hours, underscoring the strength of current momentum.
If this bullish momentum continues RAY price A test of its nearest resistance at $5.9 is likely, with a possible test of $6.25. A break above these levels could lead to further gains to $6.46, a potential gain of 14%. This may be driven, especially if Meme Coin continues to attract attention and become one of the dominant narratives in the cryptocurrency space.
Conversely, if the current momentum fades, RAY could retest support at $5.19. Failure to hold at this level could lead to further price declines to $4.67.
Disclaimer
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