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Raydium (RAY) is making headlines today after jumping 13.64% in price, now trading around $2.26. What’s catching even more attention is the explosion in trading volume, up by more than 679%. That kind of activity has pushed RAY price into the top five gainers of the day, and the reasons behind the move are starting to come into focus.

According to Lookonchain, the price spike came right after RAY was listed on the South Korean exchange Upbit. With one of Asia’s largest markets now having easier access to the token, demand surged quickly, and so did the price, nearly 25% higher at one point.

But that’s not all. Lookonchain also spotted some whale movement following the pump. A wallet labeled “256Eh2” transferred over 906,000 RAY, worth approximately $2.26 million, to Binance shortly after the price surge. While it’s not confirmed, the timing suggests the whale could be preparing to sell into the rally.

The price of $RAY surged by nearly 25% due to its listing on Upbit.

Whale 256Eh2 deposited 906,788 $RAY($2.26M) into #Binance after the pump, possibly to sell.https://t.co/F6UVfMuEVk pic.twitter.com/x03YR48yfl

Top analyst Dexter The Trader shared a detailed analysis of RAY on the weekly chart. The token is positioned near the lower end of an up-channel that has been dominant since midway through 2023. The same spot, approximately $2.00, has historically been a very reactive area of support.

RAY price is trading just below the 21-week exponential moving average, a resistance level that has previously capped upward momentum. The analysis points out that holding the support trendline while breaking above this moving average could lead to a further rally.

Further, the chart for the weekly time frame indicates that a breakout may send the price to the upper limit of the channel, with a potential target price of $12.81. This presents an upside of over 500% against the current prices. Alternatively, if the support trendline fails, the next major support zone is at $0.90 and $1.20.

Dexter also pointed to $0.90 as a key historical level that may act as a fallback if bearish pressure increases. However, RAY price movement near the support trendline and the EMA remains the primary zone to monitor.

Besides, traders are now closely watching whether Raydium price can maintain above the trendline of support and reach the 21 EMA again. While exchange listings and whale transactions have given short-term push, price movement over the next couple of days will likely be driven by technical verification and sentiment.

Read Also: XRP Price Prediction for Today (June 19)

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The post Here’s Why Raydium (RAY) Price is Pumping Today appeared first on CaptainAltcoin.

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