Raydium price has held steady in the past few weeks as investors focused on its growing market share in the crypto industry. RAY token was trading at $5.2 on Wednesday, up by over 3,050% from its lowest level in 2023, giving it a market cap of over $1.5 billion and a fully diluted valuation (FDV) of $2.88 billion.
Raydium price forecast
The weekly chart shows that the RAY token price bottomed at $0.1660 in 2023 and then bounced back to over $5. It has moved above the 23.6% Fibonacci Retracement level at $4.13 and the 50-week moving average.
Most importantly, the coin has formed a bullish pennant chart pattern comprising a vertical line and a symmetrical triangle. This pattern is one of the most bullish signs in the market. Notably, this triangle is nearing the confluence levels.
Raydium price has moved above the Ichimoku cloud indicator. Therefore, there is a likelihood that the coin will soon have a bullish breakout now that the two lines are nearing their confluence levels.
Therefore, the RAY price will likely have a bullish breakout in the coming weeks. If this happens, the next point to watch will be at the 50% Fibonacci Retracement at $8.56, up by 63% from the current level. A drop below the support at $4 will invalidate the bullish view.
Raydium network is growing
The Raydium network is growing its market share in the decentralized exchange (DEX) industry. According to DeFi Llama, the network has become the second-biggest DEX network after Uniswap in terms of volume. It handled coins worth over $15.5 billion in volume in the last seven days.
Since its inception, Raydium has handled over $337 billion in tokens. This volume has grown in the past few months because of Solana’s meme coins, which have gained a market cap of over $18 billion. Raydium has also gained over 8.4 million users and 600,000 daily active users.
Raydium is also expanding its business by integrating with Orderly Network as it seeks to launch perpetual futures. This expansion to perpetual futures is a big opportunity for the network because of the substantial volume.
Data shows that the total volume of perpetual futures volume peaked at $340 billion in December and is currently at $128 billion. The biggest players in the industry are Hyperliquid, Jupiter, SynFutures, Apex Protocol, and Vertex Edge. Orderly Network, Raydium’s partner, handled over $1.04 billion in assets in the last seven days.
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