The Raydium token rose for five consecutive days as its protocol volume rebounded sharply in the last seven days.
Raydium (RAY) rose to $5.6, its highest level since Dec. 11 and 50% above its lowest level in December. It has continued to outperform other popular Decentralized Exchange tokens like Uniswap (UNI) and PancakeSwap (CAKE).
RAY has been one of the best-performing cryptocurrencies in the past two years as it soared by over 3,100%. Its circulating market cap has jumped to $1.3 billion, while its fully diluted valuation has soared to over $3.1 billion.
Raydium’s performance is mostly because it has scaled up and became the second-biggest player in the DEX industry after Uniswap.
Its seven-day volume jumped by 60% to $16.58 billion, while Uniswap’s rose by 6.4% to $18.2 billion. It has handled $316 billion in transactions since its inception and $60.68 billion in the last 30 days.
Raydium’s volume has soared because of the ongoing momentum in Solana (SOL) meme coins. According to CoinGecko, all Solana meme coins have a market cap of over $21.6 billion, with Bonk, Pudgy Penguins, Dogwifhat, ai16z, Fartcoin, and Popcat being the biggest.
Solana’s meme coins are also some of the most heavily traded assets in the crypto industry, with their 24-hour volume rising to $4.3 billion.
Raydium price analysis
The The daily chart shows that the RAY price has been in a strong uptrend in the past two years. It rallied from $1.2312 in September last year to nearly $6 today.
Most recently, the token formed a bullish flag chart pattern, which is made up of a long vertical line a flag-like formation. It has now moved above the upper side of this flag, pointing to a bullish breakout.
RAY has moved above the 50-day and 100-day moving averages, a positive sign. It has also jumped above the Supertrend indicator, while the Percentage Price Oscillator and Relative Strength Index have pointed upwards.
The Supertrend indicator is based on the Average True Range and is a popular trend indicator. On the other hand, the PPO and the RSI are used to identify an asset’s strength.
Therefore, Raydium will likely keep rising as bulls target an all-time high of $6.50. A move above that level will point to more gains, possibly to $7.
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