Key Insights:
Raydium’s price has experienced a notable increase of 15% following a positive breakout. The recent listing on Upbit, a major South Korean exchange, has significantly raised RAY’s profile among local crypto investors. Additionally, a remarkable 600% surge in trading volume indicates a renewed interest and momentum among traders.
Raydium’s price surged over 15% within the last 24 hours, marking a reversal from a month-long downward trend. This increase coincided with RAY’s introduction on Upbit, South Korea’s largest crypto trading platform, which featured new trading pairs launched on June 19. During the peak of this rally, the decentralized exchange (DEX) built on the Solana blockchain reached a price of $2.18. Analysts noted a resurgence of bullish activity, particularly as strong buying pressure emerged near the $2 support level.
Why the Raydium Price Is Soaring?
On Thursday, Raydium’s price jumped over 15% following its listing on the Upbit exchange, which introduced trading pairs such as RAY/KRW and RAY/USDT. The trading commenced at noon local time on June 19, leading to a substantial price surge. The listing resulted in nearly a 20% increase in Raydium’s value, effectively reversing a 35-day downtrend. The influx of buyers around the critical $2 support level played a pivotal role in this recovery. Furthermore, the price movement aligned with a short-term double-bottom pattern, suggesting a potential upward trajectory. RAY managed to overcome both diagonal and horizontal resistance levels before facing some pullback pressure.
Being listed on Upbit is considered a significant milestone for Raydium, as it enhances the token’s visibility, liquidity, and investor confidence. The reputation of Upbit as South Korea’s leading crypto exchange adds a layer of credibility to the asset. However, despite the recent rally, Raydium has yet to confirm a definitive breakout. Traders are closely monitoring the situation to determine if the token can maintain its upward momentum and approach the $3 threshold.
Raydium Crypto Derivatives Surge Amid Sharp Volume Spike
Recent data from Raydium’s derivatives market indicates a substantial increase in trading activity for RAY. The trading volume in RAY derivatives surged to an astonishing 1,443.75%, amounting to $293.45 million. This spike highlights a growing interest among investors and traders in the crypto derivatives market. In addition to the volume increase, open interest also saw a significant rise of 35.47%, bringing the total to $23.35 million. This trend reflects a strong commitment from traders as they maintain their positions in the market.
Currently, RAY is priced at $2.18, demonstrating a significant rise over the previous day. The price aggressively approached the resistance level around $2.50 before experiencing a slight retracement. Despite this pullback, buyers managed to uphold the $2.00 support level, indicating ongoing interest around this psychological threshold. On the 4-hour chart, Raydium continues to trade within a range between $1.80 and $2.50. The Relative Strength Index (RSI) sits at 52.30, suggesting flat momentum with a slight bullish bias. An RSI above 50 could indicate potential upward movement, while a drop below 46.50 might signal weakness. Meanwhile, the Moving Average Convergence Divergence (MACD) shows a minor bullish crossover, with the MACD line positioned above the signal line and positive histogram bars indicating incremental buying pressure, although uncertainty remains.
Downside Risks Remain if $2.00 Breaks
Should Raydium fail to maintain its position above $2.00, sellers may drive the price down toward the $1.80 support level. A daily close below $1.80 could confirm a bearish trend and expose RAY to further declines. For bullish momentum to persist, the price must stay above the $2.00 mark while building toward the $2.50 resistance level. If this upward trajectory is established, a breakout towards $3.00 could become feasible by the end of the month.
Disclaimer
This article serves solely for informational purposes and does not constitute financial, investment, or any other type of advice. The author and any individuals referenced herein are not liable for any financial losses that may arise from investing in or trading. It is essential to conduct thorough research before making any financial decisions.
