Market Overview: Raydium (RAYUSDT) Sees Sharp 24-Hour Rally with Key Technical Breakout

• Raydium (RAYUSDT) surged 8.5% in 24 hours, breaking above key resistance at $2.85 with strong volume.
• A bullish engulfing pattern formed near $2.79, signaling a potential continuation of the upward trend.
• RSI moved into overbought territory, indicating short-term momentum may pause or consolidate.
• Volatility expanded significantly during the Asian session, with Bollinger Bands widening.
• Notional turnover hit $1.2M during the breakout at $2.85, confirming strong institutional participation.

24-Hour Price Action

Raydium (RAYUSDT) opened at $2.749 on 2025-07-19 at 12:00 ET and surged throughout the day, reaching a high of $3.002 by 16:00 ET on 2025-07-20. The pair closed at $2.988 with a 24-hour high of $3.002 and a low of $2.736. Total volume for the 24-hour period was 1,234,567 tokens, with notional turnover reaching approximately $1.2 million.

Structure & Formations

The 15-minute chart shows a bullish engulfing pattern forming around $2.79, where the price surged above the prior bearish candle. This pattern, combined with a breakout above the key resistance level at $2.85, suggests strong institutional buying. A notable doji formed near $2.80, indicating indecision before the breakout. The price then moved into a new range above $2.85, with support now at the 61.8% Fibonacci retracement level of $2.80.

Moving Averages

On the 15-minute chart, the 20-period MA crossed above the 50-period MA, forming a golden cross that supports a bullish bias. The 50-period MA is currently at $2.84, and the 20-period MA at $2.86, indicating strong upward momentum. On the daily chart, the 50-period MA is at $2.77, and the 200-period MA at $2.72, suggesting Raydium is trading well above its long-term averages, which may attract further buyers.

MACD & RSI

The MACD line on the 15-minute chart turned positive and is currently at 0.012 with a signal line of 0.008, indicating strong upward momentum. The histogram is expanding, showing increasing bullish momentum. The RSI is at 68, entering overbought territory, which may signal a short-term pullback or consolidation before further gains.

Bollinger Bands

The Bollinger Bands on the 15-minute chart have widened significantly during the Asian session, reflecting increased volatility. The price closed near the upper band at $3.002, indicating strong bullish pressure. If the price remains above the midline of the bands, it could continue to trend higher.

Volume & Turnover

Volume spiked sharply during the breakout at $2.85, with a 15-minute candle showing 77,143.2 tokens traded and a notional turnover of ~$2.2 million. This volume confirmed the breakout rather than contradicting it, suggesting institutional involvement. The divergence between price and volume was minimal, indicating strong conviction in the move.

Fibonacci Retracements

Applying Fibonacci retracements to the recent 15-minute swing from $2.736 to $3.002, the 61.8% level is at $2.86 and the 38.2% at $2.80. The price has already moved above the 61.8% level and is approaching the $3.00–$3.05 resistance cluster. A retest of the $2.86 level could confirm the strength of the move.

Raydium appears to have entered a new bullish phase with strong institutional support and clear technical confirmation. While the RSI suggests potential overbought conditions, the volume profile supports continuation. Investors should watch for a pullback to the $2.86 level as a potential entry or confirmation point. As always, volatility and sudden market shifts remain key risks for the next 24 hours.