Raydium Crypto Surges 50% as Buying Pressure Pushes Past $2

Raydium crypto, denoted by the ticker RAY, has recently shown significant movement, breaking past the $2 mark with steady buying pressure. This breakout has sparked optimism among RAY bulls, who anticipate a potential rally towards $2.8. The surge in Open Interest (OI) by 62% within 24 hours, coupled with a nearly 50% increase in daily trading volume, indicates strong confidence in an uptrend.

Technical analysis suggests that the breakout above $2 is a pivotal moment. If Bitcoin (BTC) maintains its current levels and does not slide lower in the coming days, this breakout could be the start of a sustained uptrend for RAY. The 3-day chart reveals a faint bullish structure, with Raydium surpassing the $2 resistance after six weeks of consolidation. However, key resistances lie ahead, marked by Fibonacci retracement levels based on RAY’s October 2024 rally to $6.5. Since mid-January, RAY has been in decline, erasing gains from the past six months.

Despite the bullish signals, market sentiment remains uncertain and fearful, which could slow upward momentum. The Awesome Oscillator is well below the zero line, indicating bearish momentum. The Chaikin Money Flow (CMF) value of -0.24 highlights capital outflows from RAY markets in higher timeframes. The Accumulation/Distribution (A/D) indicator saw an uptick in April but has not yet established an uptrend.

On the 12-hour chart, which reacts more quickly to changes due to its lower timeframe, bulls currently have the upper hand. The breakout past $2 was accompanied by a bullish crossover on the Awesome Oscillator, and the CMF jumped past +0.05 a week ago, indicating steady buying pressure. The A/D indicator also reflects demand for Raydium crypto.

Putting these clues together, it appears likely that RAY could advance as high as $2.8-$3. The $2.8 level is the next swing point for the price to beat, with the $2.4 level offering some resistance in late February and potentially opposing the bulls once more. While the long-term outlook for Raydium remains bearish, the recent rally and technical indicators suggest that a move to $2.8 is within reach, provided market conditions remain favorable.