Raydium (RAY) Price Surges by Almost 10% Following a Significant Correction
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Raydium's (RAY) price has surged by over 10% following the recent Monday morning decline, propelling its market cap close to $2 billion. Technical indicators now suggest a potential bullish trend continuation.

Maintaining its status as a prominent Web3 protocol, RAY's revenue and trading volume remain robust, positioning it among the top players in the industry. The sustainability of this upward momentum hinges on its ability to uphold crucial support levels and confirm an uptrend.

Raydium Emerges as a Key Blockchain Application

Raydium has established itself as one of the leading revenue-generating blockchain protocols, raking in a substantial $42 million in the past week. This surpasses the earnings of notable platforms like Circle, Uniswap, and even Ethereum.

In the previous year, Raydium amassed close to $1 billion in revenue, nearing the impressive $965 million figure achieved by Solana. Handling approximately $3.4 billion in trading volume in the last 24 hours and $21 billion over the past week highlights Raydium's prominence as a widely utilized Web3 project.

RAY RSI Displays Positive Signs Post Oversold Levels

Raydium's Relative Strength Index (RSI) currently stands at 53.87, a notable rise from 20.8 just two days prior. This surge in RSI indicates an increase in buying pressure, lifting Raydium out of oversold territory and into a more neutral range.

While the RSI at 53.87 suggests a balanced stance, allowing for potential price movements in either direction, it is worth noting that RAY has not touched the overbought levels of 70 since January 19. This indicates a renewed strength in the asset without a definitive entrance into a strong bullish phase. The trajectory of the RSI in the coming period will determine the next market trend.

RAY Price Projections: Upward Potential of 33%

After a recent correction of 34% followed by a 30% recovery, Raydium's price is showing promising signs. Analysis of its EMA lines hints at a potential golden cross formation, where shorter-term moving averages could surpass longer-term ones.

Should this scenario materialize, RAY's price may continue its upward trajectory, possibly retesting $7.92. A breakthrough beyond this level could pave the way for additional gains, targeting $8.7 and offering a potential 33% upside.

Conversely, a loss of momentum might lead to a support test at $5.85, potentially declining to $5.36. Further downward movement could see RAY dropping to $4.71 or even $4.14, marking its lowest point since January 13.

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