Raydium (RAY) soared 65% over the past week to become one of the top 100 biggest cryptocurrencies saw its value surge. The decentralized exchange on the Solana blockchain climbed for four straight days, reaching a 34-month high of $5.97 on Nov. 9.
In the last month, Raydium has grown over 262% to a market cap of more than $1.51 billion and delivered huge returns for holders. One trader says he’s made a 28.5x return since July 2023. However, Raydium’s recent rally was driven by the news that Coinbase is listing RAY perpetual futures on its Coinbase International Exchange and Coinbase Advanced platforms, expected to go live November 14.
Raydium Rises In Solana Ecosystem, Overtakes Rivals In Earnings
When major exchanges list an ICO, let there be price increase of up to several dozen percent, as investors gravitate towards new coins. Since mid October, Raydium’s look in the Solana ecology has also grown, ability to averaged day charges of $2 million to $3.5 million.
According to DeFi Llama, the platform has overtaken Uniswap, Solana and Tron in daily earnings. Today it brought in almost daily earnings just below Ethereum, Tether and Circle.
Raydium is now the third largest decentralized exchange in terms of volume, according to a Messari report, with its share of the global DEX volume surging 130% against the quarter over the quarter, from 7.1% to 10.5%.
That’s why Raydium is a top trending altcoin on CoinGecko with 91% of CC users bullish on its performance. Indicators point to the uptrend technically still continuing. Evidence of strong momentum are widening gaps seen in the MACD on the RAY/USDT chart.
The Average Direction Index is at 60 indicating trend strength and the money flow is confirming by a reading of 75. Furthermore, RAY’s weighted funding rate has turned positive signalling increased demand from leveraged long positions. Some analysts are optimistic RAY can reach double digit prices and feel they can do better than RAI.
On X, one analyst posted a break out from a symmetrical triangle pattern with gains of 150%. Some other commented that RAY is in Wave 3 of the Elliott Wave cycle which is often a time of strong growth. Raydium was valued at $5.80 at the time of writing, which is still down 66.1 percent from a high of $16.83, hit on Sept. 12, 2021.
