Raydium worth continued its sturdy rally, reaching its highest degree since December 2021, as its community progress surged.
Raydium (RAY) crossed the crucial resistance degree at $8, rising by over 8,000% from its 2023 low.
The token’s rally was fueled by rising community quantity, pushed by the surge in meme cash like Official Trump (TRUMP) and Melania (MELANIA).
In accordance with DeFi Llama, Raydium processed a report $42 billion in quantity final week, surpassing many centralized exchanges. This broke its earlier weekly report of $27 billion in November.
Raydium’s 30-day buying and selling quantity has reached almost $100 billion, outpacing Uniswap’s $90 billion and PancakeSwap’s $62 billion. Notably, Raydium operates solely on Solana, whereas Uniswap spans 22 chains and PancakeSwap operates on six.
Raydium is now concentrating on a extra profitable part part of the crypto business: perpetual futures. Final week, the whole futures quantity stood at over $108 billion, with Hyperliquid and Jupiter having the largest market share.
Raydium goals to leverage its recognition within the spot market to seize a share of the futures business. Its futures alternate, powered by the Orderly Community, is at present in public beta and is anticipated to totally launch later this 12 months.
In the meantime, Raydium has continued its token buyback program to assist the RAY token. On Tuesday, it repurchased 1.6 billion tokens, bringing the whole buyback to 55 million. This implies about 10% of the token provide is now held in buybacks.
Raydium worth technical evaluation
The every day chart reveals that the RAY worth has continued its sturdy rally this week as quantity surged. The token has flipped the important thing resistance degree at $6.50, which marked its highest level in November 2022.
Raydium has additionally moved above the sturdy pivot reverse level of the Murrey Math Traces at $7.8125. Moreover, it has damaged above the ascending trendline connecting the bottom swings since October 9.
The Relative Power Index and different oscillators proceed to rise, with the subsequent goal set at $10, the overshoot level. Nonetheless, a drop beneath the important thing assist degree at $6.50 would invalidate the bullish outlook.
