Raydium (RAY) Surges 8.1% as Solana Ecosystem Assets Rally

Raydium (RAY) has experienced a significant price surge, gaining 8.1% in the last 24 hours to reach $2.23. This upward movement follows a breakout pattern observed in similar Solana ecosystem assets. On the daily chart, RAY successfully broke out of a descending triangle structure and retested the $2.05 level, which has since acted as a support level, helping to sustain the current trend. The technical setup indicates a continuation structure as volume surges alongside price gains.

The 24-hour trading volume of RAY increased by 64.86 percent to $62.8 million, reflecting increased participation following the pattern breakout. The market cap also increased by 8.09% to $598.59 million, while the token’s fully diluted valuation (FDV) stands at $1.24 billion. The unlocked market cap is now reported at $1.23 billion. Additionally, Raydium’s total value locked (TVL) has reached $1.74 billion, marking an active period within the protocol. The volume-to-market cap ratio currently sits at 10.51%, suggesting a liquid market in the short term.

RAY’s move closely resembles a prior rally from FIDA, another Solana ecosystem token which rose over 40% in a similar setup. Notably, FIDA broke out, retested its structure, and then expanded rapidly. RAY’s recent breakout from a converging wedge on the daily timeframe follows the same price behavior. So far, RAY is still above its breakout line and trading significantly above major support at $2.05. Close resistance is $2.31 and $2.56, with subsequent higher resistance levels at $2.87 and $2.93. The upper resistance level still remains between $3.84 and $4.00, as a function of previous consolidation. Price action around these levels will be the cause of the continuation of the current trend.

Meanwhile, the max supply is capped at 555 million tokens, with 267.64 million RAY in circulation. This gives the token a market cap/TVL ratio of 0.3418. The uptick in both TVL and price aligns with broader momentum observed across multiple Solana-based assets. The current price action suggests that RAY is poised for further gains, with the next resistance levels at $2.56 and $2.93. The token’s performance mirrors the broader momentum in the Solana ecosystem, indicating a positive outlook for RAY in the near term.