Home web3.0 Raydium (RAY) Hits 7-Month High, Can it Break Key Resistance Levels?

Raydium (RAY) Hits 7-Month High, Can it Break Key Resistance Levels?

Nov 02, 2024 pm 03:46 PM
7-Month High Raydium RAY

Raydium [RAY] has recorded a remarkable surge on the charts, hitting a 7-month high with $1.8 billion in Total Value Locked (TVL) on the Solana blockchain.

Raydium (RAY) Hits 7-Month High, Can it Break Key Resistance Levels?

Raydium [RAY] has seen a remarkable surge on the charts, hitting a 7-month high with $1.8 billion in Total Value Locked (TVL) on the Solana blockchain. In fact, its recent performances have allowed Raydium to surpass Ethereum in 24-hour fee generation. This has solidified its position as the leading decentralized exchange (DEX) on Solana.

Trading at $3.22 at press time, RAY noted a hike of 9.56% over the last 7 days. With these metrics in focus, a key question arises – Can RAY maintain its momentum and break new resistance levels?

RAY price analysis – Will it break its key resistance?

RAY’s price trajectory revealed a strong upward trend. However, at press time, it faced significant resistance at $3.26. While the altcoin tested this level recently, it has not yet managed to break through.

If RAY clears this resistance, it could indicate a potential continuation of its bullish trend.

Conversely, if it fails to break above $3.26, the price might consolidate around the $3 support. Key indicators like the MACD and Stochastic RSI projected mild bullish signals, suggesting that RAY’s upward movement could continue with sufficient buying pressure.

Therefore, a decisive breakout above $3.26 would likely attract more bullish momentum.

Price-DAA divergence – What does it signal for RAY?

Interestingly, RAY’s recent price hike aligned with an 83.41% positive Price-DAA (Daily Active Addresses) divergence – A sign of strong community engagement and heightened user activity. A positive DAA divergence typically means organic growth, rather than speculative trading.

In this case, it seemed to indicate that more users are interacting with the platform, which could support sustained growth. As daily active addresses increase alongside the price, RAY’s ecosystem will show signs of strengthening. This may fuel further interest from investors.

Whale activity – Are major holders supporting RAY’s uptick?

On-chain data revealed that top holders control a staggering 98.69% of Raydium’s supply. This heavy concentration among large holders implied significant whale interest, potentially creating sharp price movements.

When whales hold a majority share, their actions can strongly influence the altcoin’s price direction.

Additionally, the fact that these holders are maintaining their positions is a sign of confidence in RAY’s potential. This level of whale activity often stabilizes price volatility, though it can also lead to sudden shifts if large holders decide to adjust their positions.

Market sentiment and Open Interest – Bullish or bearish?

Market sentiment for Raydium has been positive, as reflected by an uptick in Open Interest to $12.40 million, up 0.35%. A hike in Open Interest typically signifies growing commitment from traders, both on the bullish and bearish sides.

By extension, this means that the market expects notable price movements soon.

The above is the detailed content of Raydium (RAY) Hits 7-Month High, Can it Break Key Resistance Levels?. For more information, please follow other related articles on the PHP Chinese website!

Statement of this Website
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

Video Face Swap

Video Face Swap

Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Tools

Notepad++7.3.1

Notepad++7.3.1

Easy-to-use and free code editor

SublimeText3 Chinese version

SublimeText3 Chinese version

Chinese version, very easy to use

Zend Studio 13.0.1

Zend Studio 13.0.1

Powerful PHP integrated development environment

Dreamweaver CS6

Dreamweaver CS6

Visual web development tools

SublimeText3 Mac version

SublimeText3 Mac version

God-level code editing software (SublimeText3)

Raydium (RAY) Price Prediction: Is a Move to $10 Next as the Bull Run Enters High Gear? Raydium (RAY) Price Prediction: Is a Move to $10 Next as the Bull Run Enters High Gear? Nov 07, 2024 pm 04:10 PM

Raydium (RAY) token went parabolic this week, soaring to its highest level since January 2022 as the crypto bull run entered high gear.

Raydium (RAY) Jumps 65% Weekly, Becoming the Top Gainer Among the 100 Largest Cryptocurrencies Raydium (RAY) Jumps 65% Weekly, Becoming the Top Gainer Among the 100 Largest Cryptocurrencies Nov 10, 2024 am 04:12 AM

Raydium (RAY), the largest decentralized exchange on the Solana Blockchain rose for four consecutive days, to reach a 34-month high of $5.97 on Nov. 9.

Raydium Breaks Up the Order of DEX, Displacing Uniswap from Its Top Position Raydium Breaks Up the Order of DEX, Displacing Uniswap from Its Top Position Oct 31, 2024 am 03:46 AM

In the last few days, Raydium also rose as the busiest decentralized exchange, driven by meme tokens.

Raydium Beats Ethereum in 24-Hour Revenue, Data Shows Raydium Beats Ethereum in 24-Hour Revenue, Data Shows Oct 23, 2024 am 03:26 AM

On Oct. 21, decentralized exchange (DEX) Raydium beat the Ethereum network in 24-hour revenue, according to DefiLlama.

Raydium [RAY] has been flying under the radar, but a lot has happened under the hood Raydium [RAY] has been flying under the radar, but a lot has happened under the hood Oct 26, 2024 am 03:00 AM

The Solana DEX has been gaining popularity and that is evident in various performance metrics, including Its native token, RAY.

Raydium (RAY) Price Surges 30% Following Coinbase's Announcement that its International Exchange will Support RAY Perpetual Futures Raydium (RAY) Price Surges 30% Following Coinbase's Announcement that its International Exchange will Support RAY Perpetual Futures Nov 08, 2024 am 03:50 AM

This latest listing is expected to boost Raydium’s exposure in the global market. Coinbase’s humongous user base and liquidity are anticipated

Safe Emerges as the Biggest Crypto Gainer, ApeCoin Loses its Mojo Safe Emerges as the Biggest Crypto Gainer, ApeCoin Loses its Mojo Oct 28, 2024 am 06:30 AM

At the end of the past week, Safe emerged as the biggest crypto gainer, with an almost 50% increase. ApeCoin, however, lost its mojo

Crypto Prices Today: BTC, ETH, SOL, & XRP Face Market Turbulence Crypto Prices Today: BTC, ETH, SOL, & XRP Face Market Turbulence Nov 02, 2024 pm 03:26 PM

The crypto prices today have caused a stir among traders and investors globally, showcasing mixed actions. Bitcoin (BTC) price battled significant