The recent price action of Solana-based Raydium (RAY) has caught the attention of investors as the decentralized exchange (DEX) token continues its upward trend, hitting a seven-month high.
Raydium’s performance shows the growing interest in the Solana ecosystem. This continued momentum suggests that RAY could reach even higher levels if market support continues.
Radium overtakes Ethereum
Solana DEX Raydium recently surpassed Ethereum in fees collected in 24 hours, a notable achievement that highlights its growing activity. Raydium’s fees are generated from swaps on the platform, and as the amount of swaps increases, so does the fee collection.
In the past 24 hours, Radium collected $4.12 million in fees, surpassing Ethereum, which collected $3.55 million. This level of activity reflects Raydium’s growing popularity among DeFi users. An increase in fee collections could indicate bullish sentiment as traders seek efficient and fast platforms. This surge in activity could lead to upward pressure on the RAY token and is being closely watched by investors.
Read more: What is Raydium (RAY)?
Radium fee. Source: Defilama
Additionally, Raydium’s broad macro momentum is currently optimistic, with price DAA (Daily Active Address) divergence a buy signal. Increasing user participation rates and recent upward price trends indicate growing market support. Investors are reinforcing this trend, which could support the rally and suggest that RAY could continue to perform well over the medium term.
Increased investor participation in Raydium and its rising price contribute to a supportive market environment, with DAA divergence further accelerating the upward trend. This alignment between price movement and user engagement could provide the stability RAY needs to tackle new resistance levels.
Radium Price DAA Divergence. Source: Santiment
RAY Price Prediction: Reaching new highs
RAY’s price has risen 36% over the past week, trading at $2.94, its highest level since mid-March. The rally puts Radium at a seven-month high and increases optimism about the token’s near-term growth.
However, to sustain these gains, RAY aims to break through the next resistance level at $3.33. This move could cement recent gains due to increased support from the factors mentioned above. If RAY reaches and sustains this level, we could see further upside as long as investor sentiment remains strong.
Read more: A complete guide to P2P decentralized exchanges (DEX)
Radium price analysis. Source: TradingView
If profit-taking occurs, RAY could fall to $2.71, providing some stability amid a potential drawdown. However, a further break below this level could completely reverse the recent rally and send RAY down to $1.99, invalidating the current bullish outlook.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although BeInCrypto strives for accurate and unbiased reporting, market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions. Please note that our Terms of Use, Privacy Policy, and Disclaimer have been updated.
