Date: Sun, Jan 05, 2025, 03:56 PM GMT
In the cryptocurrency market today, Raydium (RAY), the top decentralized exchange (DEX) on Solana, is coming into the spotlight with the major on-chain metric milestone along with the noticeable surge.
Source: Coinmarketcap
TVL Hits a New All-Time High
According to data from Defillama, Raydium's Total Value Locked (TVL) has surged to a new all-time high of $2.45 billion today and currently standing at $2.42. Over the past year, Raydium has experienced remarkable growth, with its TVL climbing from just $128 million in early 2024 to over $2.10 billion.
Source: Defillama
This exponential increase can be attributed to the Solana ecosystem's expansion and the rising popularity of solana-based memecoins on platforms like Dexscreener and Pump.fun, where Raydium plays a pivotal role.
Could This Breakout Spark Further Rally?
Raydium’s price action has also been impressive, posting weekly gains of 15%. The recent rally followed a critical breakout at the $5.07 level, marking the end of a falling wedge pattern that had kept the price suppressed for weeks.
Raydium (RAY) 1D Chart/ Coinsprobe (Source: Tradingview)
As of now, $RAY has surged into the resistance zone at $5.72. A breakout from this zone could set the next target at the $6.50 resistance level. If RAY successfully breaks above this level, it could trigger a fresh bullish leg, potentially pushing the price to $8 in the coming weeks.
Technical Indicators Signal Strength
Technical indicators support the bullish outlook. The MACD (Moving Average Convergence Divergence) is signaling growing momentum, while the RSI (Relative Strength Index) is trending in bullish territory, indicating room for further upside.
What’s Next for RAY?
Raydium's impressive TVL growth and recent price breakout have positioned it as one of the top contenders in the DeFi market for 2025. If the bullish momentum continues, RAY could chart new highs, making it a project to watch closely.
Get more updates on: coinsprobe.com
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before investing in cryptocurrencies.
