Raydium, the largest decentralized exchange on Solana, is showing significant growth in its token and trading volumes. The RAY token's price has risen for six straight days, coinciding with increased trading volumes on the platform.

Raydium's Growth and Its Causes

The Raydium token has increased by 115% from its September lows, raising its market cap to over $674 million. Over the last seven days, Raydium handled $8.17 billion in transactions, making it the biggest DEX in the Solana ecosystem. Its total value locked is over $1.8 billion, placing it as the 16th largest DEX in the industry.

Popularity of Memecoins on Solana

Raydium's growth has been supported by the popularity of Solana's meme coins, which have accumulated a market cap of $11.03 billion. Tokens such as Dogwifhat and Bonk are among these. Pump.fun platform enhances Raydium's popularity by allowing users to create their meme coins on Solana.

Technical Analysis of RAY Token

The Raydium token has shown a 'golden cross', one of the most bullish market signals, and has formed a 'cup and handle' pattern. The current target for bulls is the resistance level at $3.29, 27% above the current price.

Raydium's growth reflects successful development on Solana, supported by the popularity of meme coins and technical market signals. Investor interest in Raydium and the Solana ecosystem continues to rise.