Raydium (RAY) token went parabolic this week, soaring to its highest level since January 2022 as the crypto bull run entered high gear. RAY’s crypto token surged to a high of $4.25, much higher than the year-to-date high of $0.94, representing a 365% jump.
Raydium price surges as DEX volume soars
Raydium, the biggest decentralized exchange network on Solana is doing well as it continues to gain substantial market share.
Data by DeFi Llama shows that Raydium has grown its total value locked (TVL) in its platform to over $1.5 billion. In terms of these assets, it is the 26th biggest player in the DeFi industry.
However, in terms of the volume of assets it processes each day, Raydium has become the second one in the industry after Uniswap.
Data shows that Raydium’s network handled over $1.69 billion in assets in the past 24 hours as cryptocurrencies jumped. Its cumulative volume over time was over $167 billion, a figure that will continue rising.
The cumulative figure is the fourth biggest after Uniswap, PancakeSwap, and Curve Finance, making it a dominant player in DEX.
Raydium has handled $8.7 billion in the last seven days. Also, October was its best month as it processed over $30.38 billion in assets during the month.
Raydium’s performance has been because of the vibrant nature of the Solana ecosystem. Solana itself has surged and is approaching the important resistance point at $200. It has jumped by over 2,080% from its lowest level in 2023.
Most notably, many coins in the Solana ecosystem are soaring. For example, Grass, which launched its airdrop last week, has grown to become a $2 billion token.
Similarly, most Solana meme coins like Dogwifhat, Bonk, Popcat, and Goatseus Maximums have roared back. Their 24-hour volume jumped to $4.9 billion, while their market cap jumped to $13.2 billion.
Crypto analysts are highly bullish on the RAY price. In an X post, a trader known as Otsukimi Star Lord, who has over 11k followers, pointed that the coin would jump by over 32% after flipping a key resistance.
$RAY another 32%
Flipping through its parabolic trend break, should see this accelerate.
Raydium price also jumped after Donald Trump won the election, staging the biggest political comeback in decades.
Could the RAY token price jump to $10?
RAY chart by TradingView
The daily chart shows that the Raydium token price has been in a strong bull run in the past few months. Precisely, it has soared by over 2,700% from its lowest level in 2023.
Raydium has now flipped the important resistance at $3.28, its highest swing in March, and the upper side of the cup and handle pattern. The C&H is one of the most bullish signs in the market.
Raydium price has moved above all moving averages, while the Stochastic Oscillator has moved to the overbought level. The Relative Strength Index (RSI) and the MACD indicators have all pointed upwards.
Therefore, the path of the least resistance for the RAY price is bullish as the Fear of Missing Out (FOMO) returns. But before that happns, the token could drop and retest the support at $3.2, the upper side of the cup and handle. A break and retest is one of the most popular signs of continuation.
If this happens, Raydium price could jump to $10, which implies a 138% increase from the current level. A 138% increase is highly possible for a coin that has already surged by over 2,700% in the last twelve months.
The bullish view will become invalid if the RAY token plunges below $3. If this happens, the token will likely drop and retest the top support at $2.5.
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