- The price of Raydium (Ray) rises, driven by ongoing token purchase.
- The bullish trend is supported by higher highlights and a progressive average crossover.
- Traders have to watch out for an outbreak at $ 3.50, with $ 4.20 as the next major resistance.
Raydium (Ray) is currently experiencing a remarkable revival of the price, which attracted the attention of both traders and long-term investors in the crypto landscape.
After a strong rally from $ 2.40 to $ 3.86, token has introduced a phase of consolidation, which is now traded around $ 3.25, which gives up the potential for another leg.
This upward movement is mainly done by Raydium’s current token return programwho has become an important catalyst in strengthening bullish momentum in the market.
The Ray Token Buyback program
Since mid -March, Raydium has maintained steady purchase, so that 12% of the trading costs are allocated to the purchase of Ray from the Open Markt.
Although the intensity of the return is somewhat reduced, their continuous presence and periodic peaks have brought a solid foundation of the demand for token.
Raydium Price Analysis
The technical attitude has certainly become positive, with Ray printing a consistent series of five higher highlights and higher lows, which signal a strong upward trend.
At the same time, the price above both the 20-day exponential advancing average and the 50-day simple advancing average remained, which reinforces the bullish sentiment among traders.
These two indicators have maintained a bullish crossover since mid -April, and this trend has to show signs of weakening.
Currently the local resistance is $ 3.50, and a successful outbreak above this level can cause a fast movement in the direction of the next key resistance to $ 4.20.
That target level earlier acted as a critical support zone before the sale of February and is now the next Bullish Milpaal.
If Raydium succeeds in reaching $ 4.20, this would be a profit of almost 30% compared to his current trade level, which draws even more attention to the active one.
The relative strength index (RSI) is currently almost 57, which indicates that it is neither overbought nor sold over, and suggests that there is enough room for further profit.
If $ 4.20 is violated, the following remarkable resistance level is located near $ 5.70, where the token was confronted with repeated rejections before and after the rally peaked in January.
Despite the bullish setup, a decrease below the most important support level of $ 2.20 would invalidate the upward position and open the door to a potential disadvantage to $ 1.50.
Nevertheless, the trend remains structurally strong, with momentum indicators who support the short term.
The platform has also locked a total value (TVL) of more than $ 2.07 billion, which emphasizes its prominent role in the Solana-based defi-ecosystem.
In the last 24 hours alone, the trade volume has exceeded more than $ 79.5 million, which reflects an increased interest in token during this consolidation phase.
From a historical perspective, Raydium reached a record high of $ 16.83 in September 2021, while the lowest point in December 2022 was $ 0.1344.
Since then, the Cryptocurrency has demonstrated a considerable recovery, supported by both market participation and internal initiatives such as Token Sales.
