Raydium (RAY) price fell over 22% in the last 24 hours following reports of a new AMM development by Pump.fun, potentially replacing Raydium.
Raydium Price Decline
Raydium decreased to $3.32 after announcements about Pump.fun's AMM platform, causing investors to sell off their holdings.
Raydium Technical Indicators
Raydium is resting on critical support at $3.2966. MACD and RSI indicators show possible further drops. RSI fell below 30, indicating overselling.
Solana and Solaxy Update
Solana faces high network congestion. Solaxy, a new layer 2 solution, aims to ease network load, improving transaction processing and possibly connecting to Ethereum.
Raydium's volatility is linked to market changes, while Solana plans solutions to improve network performance.