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Home»ALTCOIN NEWS»Raydium Soars 50% in One Week: What’s Driving DEX’s Rally?
ALTCOIN NEWS

Raydium Soars 50% in One Week: What’s Driving DEX’s Rally?

By Crypto FlexsOctober 25, 20243 Mins Read
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Raydium Soars 50% in One Week: What’s Driving DEX’s Rally?
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  • Raydium offers impressive price action driven by strong ecosystem demand.
  • Raydium volumes hit new highs and TVL soared close to ATH.

Radium (RAY) may be flying under the radar, but a lot has been happening under the hood. Solana DEX is gaining popularity, which is evident in various performance indicators, including its native token RAY.

RAY hit a high of $3.19 in the last 24 hours after an impressive bullish performance. It has risen 51% over the past seven days, putting it on the list of top weekly gainers among mainstream cryptocurrencies.

Thanks to this upward trend, we were able to achieve a profit of 1,637% compared to the previous year.

radium

Source: TradingView

RAY was back to its press time price of $2.85 at press time, indicating aggressive profit taking. This is not a surprising result as the price has peaked close to the current 2024 high, which is currently experiencing a resistance zone.

It was also very overbought and a retracement was needed.

Is there an aggressive Raydium utility behind RAY’s claims?

RAY’s strong performance confirms robust demand, most of which was driven by growth in the Raydium ecosystem. It has maintained the top ranking on DEX since April. Currently, Solana manages more than 50% of the entire DEX volume in the ecosystem.

The surge in Raydium volume and ATH highlights the aggressive resurgence of activity within the DEX.

radiumradium

Source: Dune Analysis

Raydium’s increased market share in the Solana ecosystem reflects the volume of transactions it has processed this year. The market is heating up, and this has brought about a resurgence in Solana’s DeFi ecosystem as in the first half of 2024.

Recent market excitement has led to mass production within Raydium. Daily trading volume recently hit a record high of $1.81 billion on October 23. For perspective, this represents a 1,083.66% increase in daily volume compared to the two-month low in mid-September.

radiumradium

Source: DeFiLlama

The recent high in daily volume wasn’t the only new high Raydium celebrated this week. TVL also soared to a 2024 high of $1.93 billion on October 25.

However, while this is not a historic high, recent gains have come close to it. Raydium’s TVL achieved an ATH of $2.21 billion on November 15.


Realistic or not, RAY market cap in BTC terms is:


But what does this mean for Raydium’s native token moving forward? The dominant position means it could capture more demand and utility in the coming months as the bulls build momentum.

Therefore, RAY may be expected to see further recovery as its price at press time is still trading at a discount to its historical highs.

Next: Bitcoin Remake: Weak Hands Exit As Inflows Reach $21.8 Billion. Will there be a breakthrough next?

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