Raydium (RAY) Price Prediction: Is a Move to $10 Next as the Bull Run Enters High Gear?

Raydium (RAY) token went parabolic this week, soaring to its highest level since January 2022 as the crypto bull run entered high gear.

Cryptocurrency Fear of Missing Out (FOMO) returned on Monday as traders rushed to buy digital assets following a stellar performance by some tokens in the Solana ecosystem last week.

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As a result, some key crypto prices soared to their highest levels this year. Here’s a look at some of the key cryptocurrency price performances.

Raydium price surges as DEX volume soars

Raydium, the biggest decentralized exchange (DEX) network on Solana (SOL/USD), continued its strong performance as it gained a significant market share.

Data by DeFi Llama showed that Raydium grew its total value locked (TVL) in its platform to over $1.5 billion. In terms of these assets, it is the 26th biggest player in the DeFi industry.

However, in terms of the volume of assets it processes each day, Raydium has become the second one in the industry after Uniswap (UNI/USD).

Data showed that Raydium’s network handled over $1.69 billion in assets in the past 24 hours as cryptocurrencies jumped. Its cumulative volume over time was over $167 billion, a figure that will continue rising.

The cumulative figure is the fourth biggest after Uniswap, PancakeSwap (CAKE/USD), and Curve Finance (CRV/USD), making it a dominant player in DEX.

Raydium has handled $8.7 billion in the last seven days. Also, October was its best month as it processed over $30.38 billion in assets during the month.

Raydium’s performance has been part of the vibrant nature of the Solana ecosystem. Solana itself surged and approached the crucial resistance at $200. It has jumped by over 2,080% from its lowest level in 2023.

Most notably, several coins in the Solana ecosystem are soaring. For example, Grass, which airdropped its token last week, grew to become a $2 billion token.

Similarly, most Solana meme coins like Dogwifhat, Bonk, Popcat, and Goatseus Maximums roared back. Their 24-hour volume jumped to $4.9 billion, while their market cap reached $13.2 billion.

Crypto analysts are very bullish on the RAY price. In an X post, a trader named Otsukimi Star Lord, who has over 11k followers, pointed out that the coin could rise by over 32% after flipping a key resistance.

$RAY another 32% Flipping through its parabolic trend break, should see this accelerate.

Raydium price also surged after Donald Trump won the election, staging the biggest political comeback in decades.

Could the RAY token price reach $10?

RAY daily chart by TradingView

The daily chart shows that the Raydium token price has been on a strong bull run in the past few months. Precisely, it has soared by over 2,700% from its lowest level in 2023.

Raydium has now flipped the crucial resistance at $3.28, its highest swing in March, and the upper side of the cup and handle pattern. The C&H is one of the most bullish technical patterns.

Raydium price has moved above all moving averages, while the Stochastic Oscillator has moved to the overbought level. The Relative Strength Index (RSI) and the MACD indicators have all pointed upwards.

Thus, the path of least resistance for the RAY price is bullish as the Fear of Missing Out (FOMO) returns. But before that happens, the token could drop and retest the support at $3.2, the upper side of the cup and handle. A break and retest is one of the most popular signs of continuation.

If this happens, Raydium price could jump to $10, which implies a 138% increase from the current level. A 138% increase is highly possible for a coin that has already surged by over 2,700% in the last twelve months.

The bullish view will become invalid if the RAY token drops below $3. In this case, the token will likely fall and retest the top support at $2.5.