With the Solana price reclaiming the $200 mark, the SOL ecosystem has experienced a significant uptrend in valuation this week. Following this, the Raydium price has almost 3xed its investors holding this month.
Amid increasing price volatility in the cryptocurrency market, will Raydium price continue recording its positive trading streak or is this altcoin on the path of experiencing a trend reversal in the coming time?
Despite recording a drop of ~6% within hours, the Raydium crypto has soared 10.38% in the past day with a trading volume of $323.97 million. Further, it has jumped 60.06% over the past week and 230.71% during the past 30 days.
With a Year-to-Date (YTD) return of +334.26%, the Raydium (RAY) crypto token has secured the 58th position in the top 100 cryptocurrencies with a market capitalization of $1.439 billion.
The Simple Moving Average (SMA) constantly supports the RAY coin price in the 1D time frame. This suggests an increase in the buying pressure for the altcoin in the crypto market.
The RSI indicator continues hovering above the overbought range since mid-October. This highlights that the Raydium token may continue gaining value in the coming time.
If the bullish sentiment sustains, the Raydium price will retest its resistance level of $6 over the upcoming weekend. Moreover, if this altcoin experiences increased adoption, this could push the price toward its upper resistance level of $7.
However, if the bears outrun the bulls in the upcoming time, the RAY coin price could potentially retest its lower support trendline of $4 this month.
Curious about the long-term possibilities of this rapidly growing altcoin? Check out our Raydium (RAY) Price Prediction 2024 – 2030!
With a jump of 10.89%, the Raydium price is currently valued at $5.395.
The RAY coin price is currently trading at a discount of 67.44% from its previous ATH of $16.93.
Raydium can be traded for other cryptocurrencies on the Binance crypto exchange.
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