Raydium’s RAY surges 37% on strong whale activity and 71% volume jump

Raydium’s native token, RAY, has surged to a three-month high amid robust trading activity and growing whale participation. The token reached $3.58 on August 9 before retreating to $3.477 at the time of reporting, marking its highest level since early May. This rally followed a 424% increase in 24-hour trading volume, which climbed to $322.66 million, reflecting heightened market interest [1].

July proved to be a strong month for Raydium’s on-chain metrics. According to Solana Sensei, a Solana veteran, the protocol facilitated $40.1 billion in trading volume, a 71% increase from June. Revenue also rose significantly, reaching $18.33 million—a 137% increase. The team further executed a $9.5 million token buyback, adding to the total repurchase value of $190 million [1].

Annualized figures underscored the platform’s financial strength. Analyst Allen reported that Raydium’s Annualized Revenue rose 91.6% to $85.35 million, while Annualized Fees increased by 54% to $468.63 million in the past month, per Artemis data [1].

Whale activity has also remained strong, with consistently large transactions observed on the spot market. CryptoQuant’s data revealed a high average order size over the past month, while Coinalyze’s aggregated buy/sell volume data showed a positive delta of 1.04 million RAY, with $5.28 million in buys against $4.25 million in sells [1].

However, signs of profit-taking pressure are emerging. Raydium’s Spot Netflow hit a 7-week high of $3.63 million, according to CoinGlass. A rising netflow typically indicates increased token deposits on exchanges, often signaling an uptick in selling activity. Historically, this pattern has preceded downward price corrections due to increased bearish pressure [1].

Technical indicators, however, remain largely bullish. AMBCrypto noted that the altcoin’s Positive Directional Movement Index (DMI) rose to 39.4, while the Negative DMI dipped to 22. The Relative Vigor Index (RVGI) also showed a bullish crossover at 0.0251. These metrics suggest sustained upward momentum and the potential for continuation [1].

Analysts suggest that if whale accumulation continues, RAY could reclaim the $3.70 level and test resistance at $4.10. However, should profit-taking intensify, a pullback toward $2.84 remains a possible scenario [1].

Source: [1] Raydium hits 3-month high – Is RAY’s $4 target within reach? (https://ambcrypto.com/raydium-hits-3-month-high-is-rays-4-target-within-reach/)