Amid increased bearish action, the crypto market has dropped to a notable extent with the price of Bitcoin retesting its important support trendline. Talking about the Ethereum-killer Solana, the SOL price has experienced a major correction following the rising concern about the Solana Network congestion.
However, the SOL-based Raydium price has turned out to be the highlight of the market with an impressive surge of over 15% in 24 hours. Will this altcoin maintain its bullish action and hit $10? CoinPedia’s expert panel has uncovered the market sentiment and possible short-term price analysis of Raydium (RAY) token.
Reportedly, the Raydium price has added 15.31% to its valuation in 24 hours with a trading volume of $401.94 million. Moreover, this altcoin has surged 52.09% over the past week and has a YTD return of +54.17%. With a market cap of $2.21 billion, it has secured the 54th position.
The Relative Strength Index (RSI) is headed toward the overbought range in the daily time frame. Furthermore, its average trendline acts as a support in the RAY price chart. This suggests an increase in the buying-over-selling pressure for the altcoin in the cryptocurrency market.
On the other hand, the 50-day EMA shows a bullish curve in the Raydium price chart. Its 200-day EMA records a similar price action, highlighting a positive outlook for the Solana-based crypto this week.
If the bullish sentiment sustains, the Ray coin price will retest its resistance level of $8. Moreover, if the market favors the bulls, this could result in it heading toward its upper resistance level of $9 in the coming time.
Conversely, if a trend reversal occurs, the Raydium token could retest its support level of $7. Moreover, if the bearish sentiment spikes at that point, this could result in it plunging toward its lower support level of $6.
Planning on stacking RAY tokens but concerned about its long-term prospects? Read CoinPedia’s Raydium Price Prediction!
If the bullish sentiment sustains, the RAY price could reach a maximum price of $37.36 by 2030.
Raydium cryptocurrency is listed on all major centralized and decentralized exchanges and is available for trading.
With a 24-hour trading volume of $401.82 million, the RAY coin price is trading hands at $7.488.
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