Raydium weekly gains over 65%, analysts expect double-digit rally

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As a seasoned researcher with years of experience in the cryptocurrency market, I must admit that the recent surge of Raydium (RAY) has caught my attention. With a 65% jump over the past week and a whopping 28.5x return for some traders since July 2023, it’s hard not to be intrigued.

In simple terms, Raydium experienced a significant surge of 65% during the last seven days, placing it at the forefront as the highest climber amongst the group of 100 largest digital currencies.

On November 9th, the leading decentralized exchange on the Solana Blockchain, known as Raydium (RAY), experienced a surge for four straight days, hitting a 34-month peak at $5.97.

In simple terms, this altcoin has been the standout performer in the past month, racking up more than 262% growth, which has boosted its market value to over $1.51 billion. This impressive surge has resulted in significant profits for investors, with one trader claiming they’ve made over 28.5 times their initial investment since July 2023.

The surge in Raydium was sparked when crypto trading platform Coinbase revealed plans to introduce RAY perpetual futures contracts on both its Coinbase International Exchange and Coinbase Pro (Advanced) platforms, with the rollout slated for November 14th, coming up next week.

Generally speaking, when a new listing is announced on a top-tier exchange like Coinbase, it often sparks renewed curiosity among investors, which can result in an increase in the token’s value within the subsequent days.

The increase in altcoin’s price corresponds with its expanding influence within the Solana network, where the transaction fee range has consistently been between 2 million and 3.5 million dollars per day since October’s midpoint.

Raydium jumps ahead of Uniswap, Solana and Tron

As of now, Raydium is leading multiple well-known blockchain platforms, outperforming Uniswap, Solana, and Tron in daily income. It trails only giants such as Ethereum, Tether, and Circle in this regard, based on statistics provided by DeFi Llama.

In the past quarter, Raydium’s share of global Decentralized Exchange (DEX) trading volume increased more than 130% to exceed 10%. This places Raydium as the third-largest DEX by trading volume in Q3, just behind PancakeSwap and Uniswap, and surpassing Orca. These findings are from a report by Messari.

The surge in optimistic events related to RAY, coupled with growing enthusiasm from the cryptocurrency market, has catapulted it into one of the most popular altcoins on CoinGecko.

Approximately 91% of the 5,571 traders surveyed on CoinMarketCap express a positive outlook towards the altcoin, indicating strong optimism among the community.

Trend strength remains strong

The altcoin is continuing its rapid rise, with growth of more than 250% each month, as reported by market analysts, indicating a persistent upward trajectory.

In the one-day RAY/USDT price chart, the Moving Average Convergence Divergence (MACD) graph is demonstrating an increasing distance between the MACD line and the signaling line, suggesting that the current trend’s momentum is robustly maintained.

The Average Direction Index at 60 further confirms the continuation of the trend.

Currently, the Money Flow Index, a measure of buying and selling activity, indicates that robust buying pressure continues to build up. At the same time, the altcoin’s weighted funding rate has climbed into the positive region, suggesting an increase in demand from leveraged long positions. This trend further strengthens the optimistic outlook.

Based on robust technical signals, analysts are growing more confident that this cryptocurrency could surge to price levels in the double digits.

On November 9th, according to Analyst World Of Charts’ recent post, it was pointed out that RAY could surge beyond 150% if it continues its upward trend, as it has successfully breached a symmetrical triangle formation.

Speaking along the same lines, another expert noted that RAY may be entering its third wave, a period often characterized as the strongest in an Elliott Wave sequence, suggesting there could be significant further growth in the uptrend, possibly leading to double-digit price increases.

Currently, the value of Raydium is being traded at $5.8, which represents a decrease of 66.1% compared to its peak price of $16.83 recorded on September 12, 2021.

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2024-11-09 19:14