Raydium [RAY] Surges 60% Amid Bullish Momentum, Faces Key Resistance at $2.30

Raydium [RAY] has shown a remarkable recovery since its consolidation phase in March, with a surge of over 60% as bullish momentum returned to the altcoin market. However, a TD Sequential sell signal has appeared on the daily chart, indicating potential trend exhaustion. The token is approaching a critical resistance zone near $2.30, where previous rejections have occurred. Market participants are closely monitoring this region, as the next few sessions could determine whether the rally will continue or stall into a corrective phase.

While the price action continues to push upward, the Funding Rate provides a more grounded perspective. The OI-Weighted Funding Rate was at 0.0054%, reflecting a slightly bullish sentiment without excessive confidence. This neutral-to-positive rate suggests that traders are positioned long but with limited leverage, indicating a disciplined risk appetite. This maturity in positioning reduces the likelihood of a wipeout and often lends staying power to trends.

Derivatives heatmaps reveal a dense cluster of long liquidations between $2.04 and $2.16, meaning a drop into this zone could trigger a rapid wave of forced selling. Conversely, short liquidations above $2.32 are comparatively thin, implying less friction if the price breaks higher. The liquidation map indicates asymmetric risk: downside wicks could accelerate, while upside movement might be smoother. Maintaining support above $2.16 is crucial for sustaining this bullish setup.

Market activity shows that traders are becoming more engaged but not recklessly. The divergence between volume and declining Open Interest highlights growing participation without a spike in speculative leverage. This divergence signals that participants are using spot and low-leverage plays rather than piling into speculative bets, giving this rally stronger legs.

Technically, RAY has cleared the upper boundary of a prolonged accumulation range between $1.48 and $2.51. The asset is forming higher lows, with structure favoring continuation if buying pressure sustains. At press time, the token traded at $2.27—up 3.57% in 24 hours. However, bulls must protect $2.16 and push decisively above $2.51 to validate a breakout. If these conditions are met, the next significant resistance lies at $4.50—a zone that previously rejected momentum and triggered a reversal. Reclaiming that level would confirm a larger trend shift in favor of buyers.

Despite the TD Sequential sell signal hinting at short-term exhaustion, broader metrics continue to support the bullish narrative. Funding Rates remain steady, leverage is contained, and volume growth signals growing conviction. As long as bulls defend $2.16 and break above $2.51 with momentum, the uptrend remains in play. However, a dip below support could shift sentiment rapidly, triggering liquidations and exposing RAY to deeper losses.