Raydium’s native token, RAY, is up an impressive 665.45% in 2024, cementing its status as one of the best-performing cryptocurrencies of the year. The platform recently overtook Uniswap in monthly DEX volumes, fueled by a surge of $23 billion in one week.
As the dominant decentralized exchange in the Solana ecosystem, Raydium continues to benefit from its market leadership and growing adoption.
Raydium is now one of the most profitable businesses in crypto
Raydium has strengthened its position as the leading decentralized exchange (DEX) in the Solana ecosystem, achieving a staggering $23 billion in weekly volume between December 2 and December 9. This figure exceeds the combined volumes of its closest competitors: Orca, Pumpfun, Meteora, and Lifinity.
Raydium’s market share currently accounts for nearly 50% of all DEX volumes on Solana, fueled by interest in meme coins.
Over the past 30 days, Raydium has also earned $226 million in commissions, surpassing well-known platforms such as Jito, Uniswap, Circle and even Solana itself. It ranks second after Ethereum and Tether.
As the Solana ecosystem experiences significant growth, Raydium’s position as the most dominant application creates strong tailwinds for its price.
RAY RSI reaches overbought level
The Relative Strength Index (RSI) rose quickly, rising from 26 to 70 in less than two days. This significant jump reflects strong buying momentum driven by recent price increases.
The RSI at these levels indicates that RAY has moved from oversold to overbought territory, signaling increased market interest and demand.
RSI is a momentum oscillator that ranges from 0 to 100 and measures the speed and magnitude of price changes. Readings below 30 indicate oversold conditions, often preceding a rebound, while readings above 70 indicate overbought conditions, which could signal a potential correction.
Currently, the RAY RSI is at 69, on the verge of entering the overbought zone. If the RSI rises above 70, it could indicate further upside potential before a pullback occurs.
Raidium Price Forecast: Will It Rise Back to $6 in December?
The Raydium Exponential Moving Average (EMA) lines exhibited a unique momentum shift. Just two days ago, they formed a death cross, with the short-term EMA crossing below the longer-term EMA, signaling bearish sentiment.
However, Rydium price has started to recover quickly and the shortest EMA has now crossed the longest one again, signaling a bullish reversal. The move coincided with prices rising 20% over the past 24 hours, highlighting the strength of the current momentum.
If the bullish momentum continues, RAY price could test immediate resistance at $5.9 and possibly $6.25. A break through these levels could lead to further gains to $6.46, representing a 14% upside potential. This could happen, especially if meme coins continue to gain attention and become one of the leading narratives in cryptocurrency.
Conversely, if current momentum weakens, RAY could retest support at $5.19. Failure to maintain this level could result in the price falling further to $4.67.
