Raydium’s RAY token surged 17% today, making it one of the top performing cryptocurrencies. The rally brings RAY to around $0.21 per token, up from $0.18 just 24 hours ago.
This price explosion appears to be driven by building momentum and positive technical factors. According to analysts, RAY had formed a symmetrical triangle pattern that was ripe for a breakout. The clean break above the triangle’s resistance suggests further upside may be ahead.
In addition to the bullish chart pattern, RAY saw a spike in trading volumes ahead of the breakout (up over 800% today!). Volume often precedes price, as increased activity indicates market interest. The surge in volume without RAY making new lows hints that buyers are stepping in and momentum is shifting to the upside.
Source: CoinStats – Start using it today
Raydium operates as an automated market maker (AMM) and liquidity provider on the Solana blockchain. It’s a core piece of the Serum decentralized exchange’s infrastructure. RAY holders can stake their tokens to earn fees from protocol activity. They also receive governance rights to vote on future development decisions.
With Solana-based tokens rallying across the board, RAY is riding the wave. The token has strong fundamental utility within the Serum ecosystem. This utility is now being realized as Solana-based DeFi and NFT projects gain traction.
The next key resistance level for RAY sits around $0.24 according to analysts. If bulls can push through this barrier, it could open up run towards new highs. The breakout from the multi-week consolidation pattern is a positive first step. With strong fundamentals and a bullish chart backdrop, RAY may have further room to run.
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