Raydium token rose for three consecutive weeks, reaching a high of $3.18, its highest level since March 18. It has jumped by over 157% from its lowest point in August, outperforming other popular Decentralized Exchange (DEX) tokens like PancakeSwap, dYdX, Orca, and Uniswap.
The main reason why the Raydium token is firing on all cylinders is that it has now become the biggest decentralized exchange (DEX) in the industry, at least this month.
Data by DeFi Llama shows that Raydium handled transactions worth over $1.82 billion in the last 24 hours. Its cumulative volume in the last seven days was $10.31 billion. Uniswap, on the other hand, handled $1.65 billion and $10.03 billion in the same period.
This divergence is notable since Uniswap has been the biggest DEX network in the industry for a long time. It is also important because Raydium is available in Solana, while Uniswap is in 19 chains like Ethereum, Base, Arbitrum, and Polygon.
Additionally, Uniswap still has over $4.8 billion in total value locked (TVL), while Raydium has $1.94 billion.
Raydium’s journey to the top was mostly because of the popularity of Solana’s meme coins like Cat in a dogs world (MEW), Popcat (POPCAT), Bonk, and Dogwifhat. As we wrote on Thursday, Popcat has now become the third-biggest Solana meme coin, with a market cap of over $1.4 billion.
Cat in a dogs world has achieved a valuation of $992 million, while Goatseus Maximus (GOAT) has over $704 million. The total market cap of all Solana meme coins has soared to $11.5 billion, leading to substantially higher trading volume.
Read more: Popcat Price, Open Interest, and Short Liquidations are Surging
Raydium price analysis
The daily chart shows that the RAY token has been in a strong bull run in the past few months. It has now flipped the important resistance point at $2.776 into a support level. By moving above that level, the token invalidates the formed double-top pattern.
The RAY token has also moved above the 50-day and 200-day moving averages, which recently formed a golden cross pattern. The Relative Strength Index (RSI) and the MACD indicators have also pointed upwards.
Therefore, the Raydium token will likely continue rising as bulls target the next key resistance point at $3.5. The biggest risk for the token is that it faces substantial token unlocks in the future since it has a circulating supply of 263 million against a maximum supply of 550 million.
Read more: Solana Price Prediction as it Flips Ethereum on Key Metric
