Last week, Raydium showed an impressive 65% growth, strengthening its position among the top 100 cryptocurrencies. This achievement was made possible due to various factors that influenced the token's price in both the short and long term.
Raydium's Growth and Future Plans
Raydium, the largest decentralized exchange on the Solana blockchain, showed steady growth over four consecutive days, reaching a 34-month high of $5.97 on November 9. Over the past month, the altcoin has been the top-performing asset with gains exceeding 262%, significantly increasing its market cap to $1.51 billion. One of the growth drivers is Coinbase's announcement to add RAY perpetual futures, sparking traders' interest.
Leading Position among DEXs
Raydium surpassed several popular blockchain platforms, including Uniswap, Solana, and Tron, in daily earnings, ranking just behind giants like Ethereum, Tether, and Circle. Raydium’s share of global DEX volume increased by 130% quarter-over-quarter to surpass 10%, making it the third-largest DEX by volume in Q3, overtaking Orca according to a Messari report.
Sustaining Uptrend
The altcoin continues to show an uptrend, with monthly gains over 250%. On the RAY/USDT chart, the MACD indicator shows the strength of the trend, while the Average Direction Index (ADX) at 60 confirms it. The Money Flow Index indicates strong buying pressure, supporting analysts' optimism about future price growth.
Strong technical indicators and growing trader interest contribute to the prospects of further growth for Raydium. Analysts expect the rally to continue with the altcoin reaching double-digit price levels.
