- Raydium showcases impressive price movement fueled by strong ecosystem demand.
- Raydium volume achieves record highs while TVL approaches its all-time high.
Raydium [RAY] has remained somewhat unnoticed, but significant developments have been taking place. The Solana DEX is gaining traction, as evidenced by various performance indicators, including its native token, RAY.
RAY reached a peak of $3.19 in the recent 24 hours following an impressive bullish trend. Over the past seven days, it surged by 51%, securing its position among the top weekly gainers within the mainstream cryptocurrencies.
This upward trend also led to a remarkable 1,637% gain compared to the previous year.
Source: TradingView
Currently, RAY has retraced to a price of $2.85, indicating some intense profit-taking. This was to be expected given the peak’s proximity to its current 2024 high, where it now faces a resistance zone.
Additionally, it was significantly overbought, making a retracement likely.
Is Aggressive Raydium Utility Driving RAY’s Demand?
The bullish trend of RAY confirms a strong demand, mainly driven by the growth of the Raydium ecosystem. Since April, it has maintained the title of the leading DEX, currently commanding over 50% of the total DEX volume within the Solana ecosystem.
The spike in Raydium’s volume and its ATH highlights the vigorous resurgence of activity in the DEX.
Source: Dune analytics
The increase in Raydium’s market share within the Solana ecosystem is reflected in the substantial volumes it has managed this year. The market has been warming up, sparking a revival in Solana’s DeFi ecosystem, reminiscent of the activity seen in the first half of 2024.
This latest market enthusiasm resulted in significant volumes for Raydium. Its daily volume recently hit a record high of $1.81 billion on October 23. To put this in context, this represents a massive 1,083.66% increase in daily volume compared to its two-month low in mid-September.
Source: DeFiLlama
This recent peak in daily volume wasn’t the only milestone Raydium celebrated this week. Its TVL also surged to a new 2024 high of $1.93 billion on October 25.
While this amount falls short of its all-time high, it is close to that mark. Raydium’s TVL previously reached an ATH of $2.21 billion on November 15.
Whether realistic or not, here’s the RAY market cap expressed in BTC’s terms
What do these developments imply for Raydium and its native token going forward? A solidified position may lead to increased demand and utility in the upcoming months as the bull run gains traction.
Consequently, RAY could be poised for further recovery, considering its current trading price remains below its historic high.
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