Date: Thu, Nov 07, 2024, 05:23 AM GMT
The cryptocurrency market has turned bullish, especially as Bitcoin (BTC) recently hit a new all-time high of $76,000. This impressive rally was fueled by Donald Trump’s victory in the U.S. elections, with his vocal support of cryptocurrencies sparking optimism. Meanwhile, the memecoin market has also seen explosive growth, with its total market cap soaring from $48 billion to $67 billion in just the past 30 days.
Amid this, Raydium (RAY), the leading decentralized exchange (DEX) on Solana, is making headlines with significant on-chain growth. Known for facilitating memecoin trading on Solana with platforms like Pump.fun and Dexscreener, Raydium is drawing substantial interest from investors. Over the last month, $RAY has surged an impressive 163%, and it’s up another 26% in just the past 24 hours, surpassing many other altcoins.
Source: Coinmarketcap
Raydium’s Rise as the Dominant Solana DEX
Solana’s Layer 1 ecosystem has been bustling with activity, and DEXes on this network are flourishing with strong trading volumes and heightened user engagement. Among these, Raydium is standing out as it commands 52.6% of Solana’s total DEX trading volume, crossing $88.8 billion in trading activity over the past 30 days. The surge in volume is fueled in part by the memecoin trend, with Raydium’s robust liquidity positioning it as the top platform for memecoin enthusiasts on Solana.
Source: hashed_em/dex-volume-distribution
Is the Rally Started?
Analyzing the RAY/USDT daily chart reveals a strong bullish trend for Raydium. The token recently broke through a key resistance level at $4.37, suggesting more upward movement could be on the horizon. If this level is retested and holds, Raydium could push towards the next resistance levels at $8.23 (+77% from the current price) and $11.83 (+150% potential upside).
With the positive sentiment in the crypto market, bolstered by Trump’s pro-crypto stance, Raydium could continue its upward momentum as a top Solana DEX. The combination of on-chain growth, active trading volumes, and favorable market conditions point to a promising rally ahead for RAY and the broader crypto market.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before investing in cryptocurrencies.
