- Raydium (RAY) emerged as one of many high performers this Tuesday, with a 23% value motion towards a $7.75 peak.
- The token comes recent from an all-time excessive TVL and breakout from a falling wedge sample.
Raydium (RAY) is among the trending tokens within the cryptocurrency market at present. Prior to now 24 hours, it rose by over 23% from a $6.28 low to a $7.75 excessive. To date, the latter represents its highest since 2022 however continues to be a far cry from its all-time excessive of $16.93 in September 2021.
As of seven:00 AM UTC, Raydium was capable of lock its 14% in its one-day achieve at $7.58. In the meantime, it has exhibited notable climbs within the longer timeframes. At this price, it’s up over 54% in every week, 77% in a month, and 561% in a yr.
RAY’s rising value was accompanied by a buying and selling quantity of $398.95 million in a day. The newest developments consequently raised the market cap of its 290.88 million tokens in circulation to $2.19 billion.
Shifting with Bitcoin
Bitcoin (BTC) has remained the first mover within the crypto market. Therefore, Raydium has been benefiting from the prime digital asset’s climb above the $100 mark final week.
BTC has gained renewed momentum in anticipation of Donald Trump’s inauguration because the forty seventh president of the US. It additionally leverages the brand new administration’s promise towards a extra crypto-friendly regime.
Raydium (RAY) TVL Reaches ATH
Raydium’s whole worth locked (TVL) has continued its surge towards an all-time excessive (ATH) of $2.885 billion on January 20. As of writing, the values are nonetheless locked at $2.819 billion based mostly on DefiLlama knowledge.
TVL signifies the general well being and recognition of a crypto or decentralized finance (DeFi) undertaking. It represents the quantity that customers have locked inside the protocol or platform. The funds are then used for numerous capabilities comparable to lending, staking, or liquidity pool.
RAY’s vital rebound might be attributed to Solana’s (SOL) enlargement and excessive community exercise, particularly with the launch of the presidential tokens, specifically the Official Trump (TRUMP) and Official Melania Meme (MELANIA) tokens.
Breakout from Falling Wedge
As well as, Raydium’s hovering value has been strengthened by its bullish breakout from a falling wedge sample a few days in the past. In line with CoinsProbe, its breach above the $5.07 stage and profitable retest on the $6.50 assist signified the top of its bearish pattern, positioning it to check its mettle on the $7.95 resistance zone. If RAY manages to overcome its present resistance, it might be due for additional pump within the coming weeks.
Alternatively, MacroAxis’ Bollinger Bands readings recommend that RAY could have already been overbought and might be as a consequence of a correction quickly. The crypto asset’s value touching the higher band presents a sure stage of danger that patrons and holders ought to take note of.
