Raydium price has been one of the best-performing cryptocurrencies this year as it jumped to a record high of $6.50. At its highest point, RAY was up by 3,905% from its lowest level in December last year. Its market cap has jumped to over $1.4 billion, making it one of the biggest coins in the Solana ecosystem.
Raydium has gained market share in DEX
The RAY token has done well this year as it became the biggest competitor to Uniswap, the popular DEX network.
Data by DeFi Llama shows that the network handled over $14 billion in volume in the last seven days. It has handled over $90 billion in volume in the last 30 days, meaning that it is catching up with Uniswap, which handled $114 billion.
To some extent, Raydium is much bigger than Uniswap because it is a single-chain network, while Uniswap is available in multiple chains like Ethereum, Polygon, and Base.
Raydium has gained market share against other DEX networks on the Solana ecosystem like Orca, Lifinity, Phoenix, and Meteora.
Its growth is mostly because of the booming Solana meme coin ecosystem, whose market cap has grown to over $20 billion. Some of the most notable Solana meme coins are the likes of Popcat, Bonk, and Dogwifhat.
Therefore, the coin has jumped as investors expect it to continue doing well as the Solana ecosystem grows. It also rallied as traders anticipate that it will be listed on more crypto exchanges. Most of its trading is happening in Binance, Gate, and OKX.
With its business doing well, chances are that other exchanges like Coinbase and Bybit will list them.
Raydium has also risen as investors attempt to bridge its market cap with that of Uniswap’s UNI token. UNI has a market cap of $8.9 billion and a fully diluted valuation of $14 billion, while Raydium’s RAY has $1.4 billion and $2.7 billion, respectively.
Raydium price analysis
The RAY token price peaked at $6.50 in November and then retreated as other coins dropped. It has moved to the 38.2% Fibonacci Retracement level.
Raydium has also moved below the 50-day moving average and the first resistance level of Andrew’s pitchfork tool. It has also dropped to the top of the trading range tool of the Murrey Math Lines.
Therefore, the RAY price will likely resume the bullish trend now that it has formed a double-bottom at $4.07. If this happens, the next reference level to watch will be the all-time high of $6.50, which also coincides with the ultimate resistance of the Murrey Math Lines.
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