Since Raydium’s Ray bounced back from a month retracement phase in mid-December, the price continued to increase daily as it formed a new bullish pattern. But buying pressure appears low at the moment.

Like many other assets, Ray posted significant gains during the last bullish rally as the adoption rate increased. Unfortunately, it lost steam in late November 2024 after reaching a peak of $6.5, a new all-time high—ATH.

This fallout caused a major setback for the bulls, and the price dropped to the $3.8 level after a month. A sharp rejection from that level brought the bulls back into action, and the price recovered with a strong close in December. This fueled a surge this month, and the price increased.

Right now, it trades at resistance following a slight rejection from $5.9. A surge through this level could trigger a huge rally to the $10 level in no time. The new bullish formation (double-bottom) is a key indicator for this rally. The price must break above the previous monthly high to confirm bullish.

Regarding the adoption rate and growth in the last two years, Raydium is still considered the best-performing liquidity provider platform in the Solana ecosystem in terms of gain.

Source: Tradingview

Reclaiming last month’s $6.5 high should bring a full recovery in the market. A cross over this level could shoot the price to $8 and $10.

But if the market takes a slight downturn, we may see a pullback to $4.7 before rebounding. Below it lies the $3.8 support, along with the key $3 level, which is holding as short-term support.

Key Resistance Levels: $6.5, $8, $10

Key Support Levels: $4.7, $3.8, $3

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: aoo3771/123RF // Image Effects by Colorcinch

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