Raydium (RAY) price has surged nearly 20% over the past week, showing impressive strength within the Solana ecosystem. With Raydium maintaining a stronghold as the leading decentralized exchange on Solana, its price momentum is backed by substantial trading activity and liquidity.
Indicators show a bullish setup, with short-term moving averages above long-term ones and RSI still below the overbought level, hinting at potential room for further gains. However, if upward momentum fades or Solana’s trading volume cools, RAY could face downside pressure, testing key support levels.
Raydium Is The Dominant Force In The Solana Ecosystem
Raydium stands as one of the most successful applications within the Solana ecosystem, easily leading in trading volume. Among decentralized exchanges (DEXs) on Solana, Raydium consistently ranks as the largest, with a significant portion of the ecosystem’s activity flowing through its platform.
For instance, during the week beginning October 28, Solana’s DEX volume hit $14.3 billion, with Raydium alone contributing $8.9 billion, representing a dominant 62% of the total.
Read more: What Is Raydium (RAY)?
This weekly trend of Raydium leading the Solana DEX space underlines its stronghold in the ecosystem. Last week, for example, Raydium passed Ethereum in fees.
As Solana continues to gain attention and attract institutional investors, Raydium’s relevance and volume dominance could increase, potentially impacting its price in the near term.
RAY RSI Is Below the Overbought Stage
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Author: Tiago Amaral
