Highlights:
- Raydium price breaks out, surging 6% as momentum builds in the market.
- The breakout was accompanied by a notable increase in trading volume, which indicates strong buying interest.
- The breakout transformed the previous resistance line into a support zone around the $2.42 and $1.91 range.
Raydium Price (RAY), an automated market maker (AMM) and liquidity provider built on the Solana blockchain, has exploded in a splendid show of bullish muscle, with 24-hour gains of 6.98%. The growing interest in the token has seen the trading volume spike by more than 60% to $123 million, while the market cap is up 6% to $768 million.
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RAY has gained a spot among the top 100 cryptos, ranking #86. RAY is now up 40% in a week, 91% in a month, and 1501% in a year. According to analysts, after RAY broke through the $2.42 resistance, the token experienced a sharp increase, leading to a 24% profit from the breakout point.
$RAY Running in +24% Profit,So Far🔥#RAY #RAYUSDT #Crypto https://t.co/8ZCQLKurbG pic.twitter.com/czL8xTXgLs
— ZAYK Charts (@ZAYKCharts) October 25, 2024
The breakout from the resistance level has established the price as a solid support, reinforcing the upward trend. The price projection suggests that if RAY maintains its current momentum, it could continue its bullish run toward $3.17, targeting the next major resistance level of $5.50.
Raydium Statistical Data
Based on CoinmarketCap data:
- RAY price now – $2.91
- Trading volume (24h) – $123.03 million
- Market cap – $768.23 million
- Total supply – 555 million
- Circulating supply – 26.85 million
- RAY ranking – #86
The massive breakout in the Raydium price has resulted in the formation of an ascending parallel channel or bullish channel. Movement above all two key moving averages, including the 50-day Simple Moving Average (SMA) (green) and 200-day SMA (blue), steadied the uptrend, allowing bulls to stay in control. In this case, the bulls have established strong support at $1.91 and $2.42, triggering an upward movement.
RAY Price Aims for Further Gains
Although not currently overbought according to the position of the Relative Strength Index (RSI), increased buying interest could send RAY to the overbought zone. Currently, the RSI sits at 65.53, tilting the odds in favor of the bulls. Increased buying pressure might see the RSI jump to the 70-overbought zone, bolstering the bullish sentiment.
The MACD also upholds the bullish outlook while sitting in positive territory above the neutral line(0.000). If the blue MACD line keeps the gap above the orange signal line intact, buying pressure will increase as traders seek exposure to RAY longs.
Raydium Price Outlook: Will the Bulls Maintain the Pace?
The Raydium market upholds a bullish picture, leaning the odds in favor of the bulls. Meanwhile, traders and investors interested in holding long positions in RAY and possibly desire to seek more exposure to the token may do so assured by the technical indicators on the four-hour signaling a bullish gesture. Increased buying pressure will cause Raydium prices to reclaim $3.17 or above to $5.50.
Conversely, if declines begin, the support provided, forming part of the rising channel, would be instrumental to bulls desiring to arrest the bearish situation. Otherwise, investors may have to acclimatize to losses extending to the next support at $2.42 and $1.91, respectively.
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