Raydium’s [RAY] 7-month high – All you need to know about it

• RAY’s price action underlined a strong uptrend, with the key resistance at $3.26
• Whale accumulation and increasing Open Interest indicated strong investor confidence

Raydium [RAY] has recorded a remarkable surge on the charts, hitting a 7-month high with $1.8 billion in Total Value Locked (TVL) on the Solana blockchain. In fact, its recent performances have allowed Raydium to surpass Ethereum in 24-hour fee generation. This has solidified its position as the leading decentralized exchange (DEX) on Solana. 

Trading at $3.22 at press time, RAY noted a hike of 9.56% over the last 7 days. With these metrics in focus, a key question arises – Can RAY maintain its momentum and break new resistance levels?

RAY price analysis – Will it break its key resistance?

RAY’s price trajectory revealed a strong upward trend. However, at press time, it faced significant resistance at $3.26. While the altcoin tested this level recently, it has not yet managed to break through.

If RAY clears this resistance, it could indicate a potential continuation of its bullish trend. 

Conversely, if it fails to break above $3.26, the price might consolidate around the $3 support. Key indicators like the MACD and Stochastic RSI projected mild bullish signals, suggesting that RAY’s upward movement could continue with sufficient buying pressure.

Therefore, a decisive breakout above $3.26 would likely attract more bullish momentum.

Source: TradingView

Price-DAA divergence – What does it signal for RAY?

Interestingly, RAY’s recent price hike aligned with an 83.41% positive Price-DAA (Daily Active Addresses) divergence – A sign of strong community engagement and heightened user activity. A positive DAA divergence typically means organic growth, rather than speculative trading. 

In this case, it seemed to indicate that more users are interacting with the platform, which could support sustained growth. As daily active addresses increase alongside the price, RAY’s ecosystem will show signs of strengthening. This may fuel further interest from investors.

Source: Santiment

Whale activity – Are major holders supporting RAY’s uptick?

On-chain data revealed that top holders control a staggering 98.69% of Raydium’s supply. This heavy concentration among large holders implied significant whale interest, potentially creating sharp price movements.

When whales hold a majority share, their actions can strongly influence the altcoin’s price direction. 

Additionally, the fact that these holders are maintaining their positions is a sign of confidence in RAY’s potential. This level of whale activity often stabilizes price volatility, though it can also lead to sudden shifts if large holders decide to adjust their positions.

Source: Santiment

Market sentiment and Open Interest – Bullish or bearish?

Market sentiment for Raydium has been positive, as reflected by an uptick in Open Interest to $12.40 million, up 0.35%. A hike in Open Interest typically signifies growing commitment from traders, both on the bullish and bearish sides.

By extension, this means that the market expects notable price movements soon. 

Source: Coinglass

Realistic or not, here’s RAY market cap in BTC’s terms

Raydium’s significant TVL, strong Price-DAA alignment, and concentrated whale activity, all suggested that it may be well-positioned for sustained growth.

However, the token must break through the critical $3.26 resistance level to confirm its bullish position. If Raydium can overcome this barrier, it could reinforce its role as a DeFi leader on Solana. This will drive further adoption, while solidifying its place in the DeFi landscape.