2023-11-2 14:30 |
The cryptocurrency Raydium (RAY) has been surging recently, leaving many investors wondering what’s behind the rally. According to experts, RAY is pumping due to its key role and utility in the fast-growing Solana ecosystem.
What is Raydium?As crypto analyst 0xOtisMan explains, “RAY is the abbreviation for the token named ‘Solana Raydium,’ developed on the Solana blockchain platform.”
Raydium is an automated market maker (AMM) and decentralized exchange built on Solana. The RAY token powers the platform and is used for fees, yield farming, and governance.
Why is Raydium Pumping?According to Team LAMBO, a crypto analyst, RAY has broken out from a major long-term downtrend after falling over 99% from its all-time high in 2021.
Analyst RoccobullboTTom also notes RAY just completed a bullish “Falling Wedge” pattern on weekly timeframes, signaling the start of a new uptrend.
As a core Solana project, RAY is benefiting from renewed interest and inflows into the Solana ecosystem. Its exchange and DeFi utilities make it a central component.
RAY Price TargetsBased on the technical breakout and fundamentals, analysts see significant upside for RAY:
Team LAMBO sees a short-term target of $1 and mid-term target of $5. A return to highs would be a 50x gain from current levels. RoccobullboTTom expects a “massive bullish wave” given the completed Falling Wedge pattern. Based on his chart, he also expects the price to rise to more than $1 which is over 200x from the target priceRead also:
https://captainaltcoin.com/these-are-the-two-tokens-that-experts-predict-will-go-10x-by-the-end-of-the-year/ https://captainaltcoin.com/why-is-kaspas-new-upgrade-huge-for-kas-holders/ https://captainaltcoin.com/crypto-veteran-clears-the-air-on-solana-vs-ethereum-debate/In summary, RAY is surging due to its pivotal role in Solana and renewed momentum. Analysts are eyeing further major upside given the bullish technical setup.
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The post Why Has Raydium (RAY) Pumped Over 50% – Analysts Show Price Could Rise Over 200x appeared first on CaptainAltcoin.
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