 is an automated market maker (AMM) and a liquidity provider for Sereum decentralized exchange (DEX).){kind=link}
- RAY crypto price is trading above the $1.51 bullish point of interest (POI).
- Technical indicators summary is bearish regarding the current crypto price.
- The trading volume has reached $27.27 Million, with an increase of 6.58% in the last 24 hours.
Led by AlphaRay, Raydium (RAY) is an automated market maker (AMM) and a liquidity provider for Sereum decentralized exchange (DEX). Built on the Solana blockchain, Raydium provides on-chain liquidity to a central limit order book. RAY is a native utility token to Raydium with use cases such as staking to earn protocol fees, staking to receive IDO allocations, and Governance votes on protocol decisions.
RAY Shows Massive Six-month Return Of 767.93%
Positive upsurges have arisen in Raydium crypto price since October 2023. The cryptocurrency delivered over 630% of positive returns during the last quarter of 2023. Afterward, a major bullish correction period was observed in the crypto price. It reflected -6.42% in January 2024 and 3.56% in February 2024.
The above situation became a magnificent opportunity for crypto enthusiasts, traders, and cruisers. All of them jumped right from the $1.06 level in March 2024 and surged the RAY crypto price by almost 200%. As a consequence of that, the price is having a major bullish correction in the current month.
The maximum supply of the RAY tokens is capped at 555 million, of which 262 million are circulating in the market. The total diluted valuation of the protocol is estimated at around $888 Million. It has a current market capitalization of $420.78 Million. $566 Million worth of assets are staked in this protocol.
Price To Volume & Social Dominance Analysis
The social buzz has closely influenced Raydium cryptocurrency. The price and trading volume are reflecting the decline along with social dominance. That means the price and trading volume also get influenced as the social buzz increases. RAY crypto is covering 0.46% dominance in the crypto world.
Technical Analysis Of The Raydium (RAY) Price
The long-term outlook lies above the critical exponential moving averages on the bullish side. However, the current crypto price slipped between the 50-day and 200-day EMAs, reflecting a shortfall. The bullish trend may be expected above the 50-day EMA.
RAY price has given a breakout from the $2.07 resistance level. Afterward, the price faced resistance from the $3.29 level and is currently retesting the $1.51 bullish POI. At press time, the price is getting some bullish responses from that zone. Regarding the technicals, the RAY crypto price may continue the bullish movement to the $3.29 mark unless it closes below $0.87 (key support level).
The relative strength index (RSI) is moving parallel to the spot price chart, reflecting a neutral perspective in the current phase. The RSI is at 42.88, on the verge of a crossover with the signal line.
Summary
The Raydium crypto price has reflected a nice bullish trend since November 2023. The cryptocurrency delivered over 760% of positive returns in the last six months. Presently, RAY price is getting some bullish responses from the $1.51 POI. The RAY crypto price may continue the bullish movement to the $3.29 Mark unless it closes below the $0.87 key support level as per the technical norms.
Technical Levels
- Resistance Levels: $2.64 and $3.29
- Support Levels: $1.51 and $1.03
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.