- Raydium (RAY) worth is rising, pushed by ongoing token buybacks.
- The bullish pattern is supported by larger highs and a shifting common crossover.
- Merchants ought to look ahead to a breakout at $3.50, with $4.20 as the subsequent main resistance.
Raydium (RAY) is presently experiencing a notable resurgence in worth, gaining the eye of each merchants and long-term buyers throughout the crypto panorama.
After a powerful rally from $2.40 to $3.86, the token has entered a part of consolidation, now buying and selling round $3.25, signalling the potential for one more leg up.
This upward motion is being pushed primarily by Raydium’s ongoing token buyback program, which has turn out to be a serious catalyst in reinforcing bullish momentum throughout the market.
The RAY token buyback program
Since mid-March, Raydium has maintained regular buybacks, allocating 12% of buying and selling charges towards buying RAY from the open market.
Though the depth of the buybacks has barely tapered off, their continued presence and periodic spikes have offered a stable base of demand for the token.
Raydium worth evaluation
The technical setup has additionally turned decisively constructive, with RAY printing a constant collection of 5 larger highs and better lows, which indicators a powerful uptrend.
On the identical time, the value has remained above each the 20-day exponential shifting common and the 50-day easy shifting common, reinforcing the bullish sentiment amongst merchants.
These two indicators have maintained a bullish crossover since mid-April, and this pattern has but to indicate indicators of weakening.
Presently, native resistance lies at $3.50, and a profitable breakout above this degree might set off a swift transfer towards the subsequent key resistance at $4.20.
That concentrate on degree beforehand acted as a vital assist zone earlier than the February sell-off and now stands as the subsequent bullish milestone.
Ought to Raydium handle to achieve $4.20, it could characterize a virtually 30% acquire from its present buying and selling degree, drawing much more consideration to the asset.
The Relative Energy Index (RSI) is presently close to 57, indicating that the token is neither overbought nor oversold, and suggesting there’s ample room for additional good points.
If $4.20 is breached, the subsequent notable resistance degree sits close to $5.70, the place the token confronted repeated rejections earlier than and after the rally that peaked in January.
Regardless of the bullish setup, a decline under the important thing assist degree of $2.20 would invalidate the upward thesis and open the door to potential draw back towards $1.50.
Nonetheless, the pattern stays structurally robust, with momentum indicators supporting continued upside within the close to time period.
The platform additionally boasts a complete worth locked (TVL) of over $2.07 billion, highlighting its distinguished position within the Solana-based DeFi ecosystem.
Within the final 24 hours alone, the buying and selling quantity has exceeded $79.5 million, which displays heightened curiosity within the token throughout this consolidation part.
From a historic perspective, Raydium reached an all-time excessive of $16.83 in September 2021, whereas its lowest level got here in December 2022 at $0.1344.
Since then, the cryptocurrency has proven a major restoration, supported by each market participation and inner initiatives like token buybacks.
