RAY price rallies as Raydium trading volume spikes

The Raydium token rose for five consecutive days as protocol volume rebounded sharply over the past seven days.

Raydium (RAY) rose to $5.6, its highest level since December 11 and 50% above its December low. It continued to outperform other popular Decentralized Exchange tokens such as Uniswap (UNI) and PancakeSwap (CAKE).

RAY has surged over 3,100%, making it one of the best-performing cryptocurrencies in the last two years. Its floating market cap rose to $1.3 billion, while its fully diluted valuation rose to over $3.1 billion.

Much of Raydium’s performance is due to the fact that it has grown to become the second largest player in the DEX industry after Uniswap.

Its seven-day volume rose 60% to $16.58 billion, while Uniswap’s rose 6.4% to $18.2 billion. Since its establishment, it has carried out transactions worth $316 billion and $60.68 billion in the last 30 days.

Raydium’s volume has increased rapidly due to continued momentum in the Solana (SOL) meme coins. According to CoinGecko, the market cap of all Solana meme coins is over $21.6 billion; Bonk, Pudgy Penguins, Dogwifhat, ai16z, Fartcoin and Popcat are the biggest ones.

Solana’s meme coins are also among the most traded assets in the crypto industry, with 24-hour volumes reaching $4.3 billion.

Raydium price analysis RAY price chart | Source: crypto.news

The daily chart shows that the RAY price has been in a strong uptrend over the last two years. It rose from $1.2312 in September last year to almost $6 today.

Recently, the token formed a bullish flag chart pattern consisting of a long vertical line (a flag-like formation). It is now moving above the top of this flag, indicating a bullish trend.

RAY broke above the 50-day and 100-day moving averages, which is a positive sign. While the Percentage Price Oscillator and Relative Strength Index are pointing up, it has also moved above the Supertrend indicator.

The Supertrend indicator is based on the Average True Range and is a popular trend indicator. On the other hand, PPO and RSI are used to determine the strength of an asset.

Therefore, Raydium will likely continue to rise as bulls target the all-time high of $6.50. A move above this level will signal more gains, possibly to $7.