Over the past week, Raydium’s price has jumped 65%, making it the leader among the 100 largest cryptocurrencies.
Raydium (RAY), the largest decentralized exchange on the Solana blockchain, rose for four straight days and hit a 34-month high of $5.97 on November 9th.
The altcoin was the best-performing asset over the past month, with gains exceeding 262%, pushing its market capitalization to over $1.51 billion and generating significant gains for holders. One trader reported making more than 28.5x since July 2023.
Raydium’s rise in popularity comes as cryptocurrency exchange Coinbase announced it will add RAY perpetual futures to its Coinbase International Exchange and Coinbase Advanced platforms, scheduled to launch next week on November 14th.
Typically, the announcement of a listing on a tier 1 exchange such as Coinbase will reignite significant interest among traders and cause the price of the underlying token to rise in the following days.
The rise in altcoin prices is consistent with its growing presence in the Solana ecosystem, where average daily protocol fees have been between $2 million and $3.5 million since mid-October.
Rydium ahead of Uniswap, Solana and Tron
According to DeFi Llama, Raydium is currently outpacing several popular blockchain platforms, surpassing Uniswap, Solana, and Tron in daily earnings and trailing only giants such as Ethereum, Tether, and Circle.
Additionally, Raydium’s share of global DEX volume jumped over 130% quarter-on-quarter to over 10%, making it the third-largest DEX by volume in the third quarter, just behind PancakeSwap and Uniswap and ahead of Orca, according to a Messari report .
All the recent bullish events surrounding RAY and the growing interest from the crypto community have led to it becoming the most popular altcoin on CoinGecko.
Community sentiment remains highly favorable, with over 91% of the 5,571 traders on CoinMarketCap bullish on the altcoin.
Trend strength remains strong
With monthly gains of over 250%, the altcoin’s upward trend shows no signs of slowing down, according to market observers.
On the one-day RAY/USDT price chart, the Moving Average Convergence Divergence indicator shows a widening gap between the MACD line and the signal line, indicating that the strength of the trend remains strong.
The average direction index at 60 once again confirms the continuation of the trend.
Meanwhile, the Money Flow Index, which tracks buying and selling activity, shows that strong buying pressure still remains, while the altcoin’s weighted funding rate has moved higher into positive territory, indicating increased demand from long leveraged positions. funds and strengthens bullish sentiment.
With strong technical indicators supporting the rally, analysts are increasingly optimistic about the altcoin’s potential to reach double-digit prices.
In X’s post on November 9, the World Of Charts analyst noted that RAY has broken out of a symmetrical triangle pattern and has the potential to rise more than 150% from current levels.
On a similar note, another analyst noted that RAY is in wave 3, which is typically the strongest phase in the Elliott wave cycle, hinting that the uptrend still has plenty of room to run, with double-digit prices potentially on the horizon.
At the time of publication, Raydium was trading at $5.8, still down 66.1% from the all-time high of $16.83 reached on September 12, 2021.
