- Raydium (RAY) gained 8.1% in 24 hours, confirming support after a breakout and retest near $2.05.
- Daily trading volume jumped 64.86% to $62.8M, while market cap rose 8.09% to $598.59M.
- RAY mirrors FIDA’s previous breakout pattern, with next resistance at $2.56 and $2.93.
Raydium (RAY) has recorded a strong upside move, gaining 8.1% in the last 24 hours to trade at $2.23. The price action has followed a breakout pattern previously observed in similar Solana ecosystem assets. On the daily chart, RAY completed a breakout above the descending triangle structure, followed by a retest at the $2.05 level. This area has now acted as the latest intraday support, helping sustain the current trend. Notably, the technical setup shows a continuation structure as volume surges alongside price gains.
Volume Spikes 64% as Solana Ecosystem Sees Activity Uptick
In conjunction with the price action, the 24-hour trading volume of RAY increased by 64.86 percent to stand at $62.8 million. This spike reflects increased participation following the pattern breakout. Market cap also increased 8.09% to $598.59 million, while the token’s FDV stands at $1.24 billion. The unlocked market cap is now reported at $1.23 billion.
Source: CoinMarketCap
Additionally, Raydium’s total value locked (TVL) has reached $1.74 billion, marking an active period within the protocol. The volume-to-market cap ratio currently sits at 10.51%, suggesting a liquid market in the short term.
Meanwhile, the max supply is capped at 555 million tokens, with 267.64 million RAY in circulation. This gives the token a market cap/TVL ratio of 0.3418. The uptick in both TVL and price aligns with broader momentum observed across multiple Solana-based assets.
RAY Follows Recent FIDA Pattern with Short-Term Price Expansion
RAY’s move closely resembles a prior rally from FIDA, another Solana ecosystem token which rose over 40% in a similar setup. Notably, FIDA broke out, retested its structure, and then expanded rapidly. RAY’s recent breakout from a converging wedge on the daily timeframe follows the same price behavior.
So far, RAY is still above its breakout line and trading significantly above major support at $2.05. Close resistance is $2.31 and $2.56, with subsequent higher resistance levels at $2.87 and $2.93. The upper resistance level still remains between $3.84 and $4.00, as a function of previous consolidation. Price action around these levels will be the cause of the continuation of the current trend.
