Cena RaydiumRAY

Raydium (RAY) Price Analysis The Raydium price broke out of the consolidation and remained elevated throughout 2024, displaying huge volatility as the volume remained above the average range. Moreover, the token broke out of the pattern in the first few days of the year and the rise of the memecoins over the Solana chain also benefitted the token to a large extent. Currently, the price is about to end the correction after a breakout, which could pave the way for a strong upswing. The above chart suggests the RAY price broke out of the ascending triangle and marked interim highs above $8 and above to end its correction too. The RSI is displaying a bullish divergence, while the OBV, which is a volume-based indicator, has also shown a similar move. This suggests a rise in the rally’s strength as the buyers are more active than sellers, which could push the prices higher back above $8. $RAY

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Raydium [RAY] saw 62% gains over the past eight days. The rise of Official Trump [TRUMP] on the Solana [SOL] chain has also likely boosted demand for RAY, but its rally began before the launch of the TRUMP meme coin. Since November, it had traded within a range that extended from $4.02 to $6.3. This range was broken on the 18th of January, and its highs were retested as a support zone. The strong demand for Raydium was reflected on the price charts. Over the past two months, despite the range formation, the OBV continued to trend higher. This was a sign of steady buying pressure. Additionally, the breakout beyond the range highs occurred on high trading volume, indicating conviction. The Fibonacci retracement and extension levels were plotted based on the October and November rally from $1.57 to $6.5. It showed that the next targets for RAY bulls were $7.66 and $9.54. The daily RSI was above 60, showing strong bullish momentum. Combined with the steady buying pressure, Raydium was likely to move toward $9.54 in the coming days and weeks. The 3-month liquidation heatmap highlighted a pocket of liquidity at $8 and another at $7.12. Below this, the $7 was another magnetic zone. Since the recent move has already retested the range highs at $6.3, another immediate dip to $7.12 was unlikely. Instead, a move toward $8 and then a reversal and a sweep of the $7-$7.1 region appeared more likely. The 1-week liquidation heatmap also highlighted the $8 liquidity pocket. It made it clear that the $7.93-$8.21 had a noticeable density of liquidation levels that could draw RAY prices toward it. To the south, the $7.12 and $6.96 levels were less bright, since they had fewer liquidation levels. A move to $8 and a few days of consolidation could build up long liquidation levels to the south, which Raydium prices can later take out before continuing the upward move.$RAY