Raydium (RAY), a leading decentralized exchange on Solana, is experiencing significant price and trading volume growth, attracting attention from DeFi traders.
Raydium Price Rally
Over the past day, RAY price jumped nearly 17%, reaching around $3.72. In the last week, the token is up an impressive 56%, drawing serious attention from DeFi traders.
Trading Volume Data
According to Blockchain Bulletin on X (formerly Twitter), Raydium now handles more than 60% of all DEX volume on Solana. The recent meme coin trading frenzy has been a significant reason for this growth, with some days bringing in over $16 billion in volume.
Technical Analysis and Upcoming Levels
Recent technical analysis indicates that RAY is in a consistent uptrend with key support levels at $1.20 and $1.45. The current price is significantly above these levels, with primary resistance noted around $2.00, which has already been cleared. The next target is around $4.95.
The sustained price growth on Raydium and positive trading volume data highlight the growing interest in the platform, aligning it with broader trends in the DeFi market, particularly the impact of meme cryptocurrencies.
