Raydium (RAY) Price Analysis: Solana Based RAY Up 30% Over Last Week, Next target $15?
SOL Gang is On Rise
Raydium (RAY) is a new token that was launched in early 2021. Raydium (RAY) just underwent a Binance listing in mid August which has caused a healthy price spike since. The use case for RAY is very appealing to many investors as it is natively hosted on the Solana blockchain. Raydium describes itself as an automated market maker & liquidity provider for the Serum decentralized exchange (DEX). This coin seems to have much potential as the interest in the SOL blockchain as well as decentralized exchanges have skyrocketed recently.
Ever since RAY was listed on Binance, the price has been in a strong uptrend. Over the past week, RAY price attempted a breakout above its major resistance zone & hit nearly $17 in less than an hour. Quickly afterwards, bears pulled RAY all the way back under its major resistance zone found from $12.90-$13.77.
At the time of writing, RAY price is attempting to break the first level of this major resistance zone. If this is deemed successful, RAY price will likely spike back above the $16 mark.
RAY Price Analysis: RAY/USDT 4 Hour Chart
Over the past week, price has formed an ascending channel formation (shown in blue). Each time price touches either trend, it has gotten rejected back into the channel. A full break & retest of one of the trends of the channel is needed for price to break free. Yesterday, Raydium (RAY) touched its 40MA which has held as support for over two weeks. If bulls fail to break & hold the major resistance zone & RAY price gets pulled below its ascending channel, price will likely enter a downtrend. We should expect to look for a support bounce between $10-$11.
RAY Intraday Analysis