Date: Sat, Nov 02, 2024, 04:25 AM GMT
In the cryptocurrency market, memecoins are the hot topic, as investor interest has fueled a massive surge in liquidity. According to CoinMarketCap, the total market cap for memecoins has risen from $44.56 billion to $59.05 billion in just the past 30 days, underscoring a strong interest in these high-risk, high-reward assets.
Amid this trend, Raydium (RAY), the top decentralized exchange (DEX) on Solana, has seen impressive growth in on-chain metrics. As a leading platform for trading new memecoins on Solana through tools like Pump.fun and Dexscreener, Raydium has gained traction among investors. In the past 30 days, RAY has surged by an impressive 115%, with a 15% increase in just the last 24 hours, outperforming many other top altcoins.
Source: Coinmarketcap
Solana’s Continued Dominance in Layer 1 Trading Activity
Solana continues to dominate the Layer 1 space in terms of trading activity, with DEXes on the network thriving as trading volumes and user activity soar. Among Solana DEXes, Raydium stands out as it captures 67.4% of the total trading volume, crossing the $58 billion mark in the last month alone. This high trading volume is partly due to the popularity of memecoins on the platform and Raydium’s extensive liquidity, making it the go-to choice for memecoin traders.

Source: @ilemi/Solana DEX Metrics
Source: analytics.topledger.xyz
The Role of PumpFun in Raydium's Liquidity Surge
One factor driving Raydium's success is its strong connection to PumpFun, a memecoin launchpad on Solana. Tokens launched on Pump.fun automatically gain liquidity on Raydium once they reach a certain market cap threshold, making Raydium the most liquid platform for memecoin trading on Solana. Recent data from Dune Analytics shows Raydium leading the way with $13.84 billion in trading volume on Pump.fun, highlighting its dominant position in the market.

Source: hashed_em/dex-volume-distribution
Technical Analysis: More Rally Ahead?
Looking at the daily chart for RAY/USDT, Raydium appears to be in a strong bullish trend, breaking out of a consolidation phase. The current price has reached the $3.61 level, pushing toward a key resistance zone marked in red around. A successful breakout above this resistance level could trigger further upside momentum, with the next major target in the $8 to $12 range.

The trading volume and momentum indicators also support a potential rally. The volume is rising steadily, indicating strong buyer interest. Meanwhile, the Relative Strength Index (RSI) has recently moved above the 80 mark, suggesting that momentum is still bullish but approaching overbought conditions. If Raydium can sustain this momentum and break above resistance, a move toward $8 or even higher levels is plausible.
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Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
#Raydium #DEX

$RAY is on fire today, surging nearly 14% with trading volume skyrocketing. Over the past month, it has impressively risen by 80%. But is this surge sustainable or just a fleeting moment of excitement? Let’s break it down:
DEX trading volume has exceeded $1 billion daily—twice its average. It’s clear this token is making a statement.
More than 150,000 traders have jumped on board in the past month, highlighting that FOMO is in full swing.
$RAY has reached a three-month high in daily fees, raking in $4.4 million on October 24 alone.
With all this action, it’s essential to stay grounded. Crypto can be a wild ride, so always trade with caution—or hold on tight and enjoy the thrill.
Don’t forget to do your own research. What are your thoughts on $RAY ’s trajectory?
#Raydium #Altcoins #CryptoMarket #Binance #Write2Earn!
$RAY

Raydium $RAY
1. Consider Short-Term Momentum
Current Trend: RAY has risen by 37.57% over 7 days and 87.57% over the past month, indicating strong short-term momentum.1-Day Price Increase: At 3.70% in the last 24 hours, this could indicate sustained demand.
👉Strategy: Momentum traders could consider riding this trend further if positive momentum persists, but keep a close watch for volume trends and shifts that may signal a peak.
2. Cautious Approach on High Volatility
24-Hour Volume: The 24-hour volume is down by 7.45%, even though price is still trending up. This could suggest some selling pressure or waning interest, potentially hinting at a price retracement.Market Cap to TVL Ratio: At 0.4883, it suggests RAY might still be relatively undervalued compared to its locked assets.
👉Strategy: For conservative traders, waiting for a retracement or minor correction before entering could provide a lower-risk entry point.
3. Longer-Term Holding Potential
Yearly Performance: With a 1303.06% gain over the past year, RAY has significant long-term appreciation.Historical High and Recovery Potential: It’s currently trading at about -82.65% below its all-time high. However, recent gains indicate a possible recovery.
👉Strategy: Long-term investors could consider a dollar-cost averaging approach, buying at intervals to manage volatility risk while capitalizing on possible upward momentum toward prior highs.
4. Volume-to-Market Cap Considerations
Volume/Mkt Cap Ratio: At 14.34%, $RAY has strong trading activity relative to its market cap, suggesting good liquidity and interest.
👉Strategy: Use the high volume as a signal of continued investor interest, which can be favorable for both short-term trades and potential long-term holds if sentiment remains positive.
5. Watch for Key Resistance Levels
All-Time High Resistance: The prior high of $16.93 (reached three years ago) remains a distant target, and RAY will likely face resistance at several levels before approaching it.Recent Price Range: If it consolidates between $2.66 and $3.08, traders could consider setting alerts or limit orders to capture price movements at these support and resistance points.
6. Risk Management
Volatility Awareness: RAY’s historical high volatility suggests it’s better suited for traders with a high-risk tolerance or those who actively manage their trades.Stop-Loss Recommendations: Setting stop-losses around 5-10% below entry points may help limit downside in case of sudden downturns.
Happy Trading Ray🚀 $RAY
#Raydium #USJoblessClaimsDip #BTC67KRebound #CryptoPreUSElection #RAY/USDT