Raydium (RAY) Token Price Skyrockets by 23% in 24 Hours, TVL Hits ATH

Raydium (RAY) is one of the trending tokens in the cryptocurrency market today. In the past 24 hours, it rose by over 23% from a $6.28 low to a $7.75 high.

Raydium (RAY) has soared by 14% on Friday, reaching a new high for 2024 but still below its all-time peak.

The price of RAY rose by over 23% from a low of $6.28 to a high of $7.75 in the past 24 hours. At 7:00 AM UTC, it was trading at $7.58, representing a 14% increase.

The token exhibited strong gains in the longer timeframes, rising by over 54% in a week, 77% in a month, and 561% in a year from its price at the same period last year.

Its price movements were accompanied by a trading volume of $398.95 million in a day. The latest developments raised the market cap of its 290.88 million tokens in circulation to $2.19 billion.

Bitcoin (BTC) remained the primary driver in the crypto market, and Raydium has been benefiting from the prime digital asset’s climb above the $400k mark last week.

BTC gained renewed momentum in anticipation of Donald Trump’s inauguration as the 47th president of the US. It also leverages the new administration’s promise toward a more crypto-friendly regime.

Raydium’s total value locked (TVL) continued its surge toward an all-time high (ATH) of $2.885 billion on January 20. As of writing, the values are still locked at $2.819 billion based on DefiLlama data.

TVL indicates the overall health and popularity of a crypto or decentralized finance (DeFi) project. It represents the amount that users have locked within the protocol or platform. The funds are then used for various functions such as lending, staking, or liquidity pool.

Raydium (RAY) Price Analysis: Bearish Breakout from Falling Wedge, Resistance Ahead

Raydium’s significant rebound could be attributed to Solana’s (SOL) expansion and high network activity, especially with the launch of the presidential tokens, namely the Official Trump (TRUMP) and Official Melania Meme (MELANIA) tokens.

Moreover, Raydium’s soaring price was reinforced by its bullish breakout from a falling wedge pattern a couple of days ago.

According to CoinsProbe, its breach above the $5.07 level and successful retest at the $6.50 support signified the end of its bearish trend, positioning it to test its mettle at the $7.95 resistance zone. If RAY manages to conquer its current resistance, it could be due for further pump in the coming weeks.

On the other hand, MacroAxis’ Bollinger Bands readings suggest that RAY may have already been overbought and could be due to a correction soon. The crypto asset’s price touching the upper band presents a certain level of risk that buyers and holders should pay attention to.