Raydium price continued its strong rally, reaching its highest level since December 2021, as its network growth surged.
Raydium (RAY) crossed the critical resistance level at $8, rising by over 8,000% from its 2023 low.
The token’s rally was fueled by increasing network volume, driven by the surge in meme coins like Official Trump (TRUMP) and Melania (MELANIA).
According to DeFi Llama, Raydium processed a record $42 billion in volume last week, surpassing many centralized exchanges. This broke its previous weekly record of $27 billion in November.
Raydium’s 30-day trading volume has reached nearly $100 billion, outpacing Uniswap’s $90 billion and PancakeSwap’s $62 billion. Notably, Raydium operates solely on Solana, while Uniswap spans 22 chains and PancakeSwap operates on six.
Raydium is now targeting a more lucrative section section of the crypto industry: perpetual futures. Last week, the total futures volume stood at over $108 billion, with Hyperliquid and Jupiter having the biggest market share.
Raydium aims to leverage its popularity in the spot market to capture a share of the futures industry. Its futures exchange, powered by the Orderly Network, is currently in public beta and is expected to fully launch later this year.
Meanwhile, Raydium has continued its token buyback program to support the RAY token. On Tuesday, it repurchased 1.6 billion tokens, bringing the total buyback to 55 million. This means about 10% of the token supply is now held in buybacks.
Raydium price technical analysis
The daily chart shows that the RAY price has continued its strong rally this week as volume surged. The token has flipped the key resistance level at $6.50, which marked its highest point in November 2022.
Raydium has also moved above the strong pivot reverse point of the Murrey Math Lines at $7.8125. Additionally, it has broken above the ascending trendline connecting the lowest swings since October 9.
The Relative Strength Index and other oscillators continue to rise, with the next target set at $10, the overshoot point. However, a drop below the key support level at $6.50 would invalidate the bullish outlook.
