Why Raydium’s 3.1M transactions matter for RAY’s next breakout
RAY gained 17%, yet sellers kept exiting. Who bought the strength they abandoned?
Raydium [RAY] rallied by as much as 17.43% over the past day. The move followed sharp growth across Raydium’s Trading Volume, Transactions and User Activity.
DeFiLlama data showed Daily Active Users reached 162,085 during the past 24 hours. This marked a 77.7% increase from 91,200 on the 8th of September.
Transactions climbed to 3.1 million during the same period, representing an increase of 1.9 million.
Together, these metrics showed that more users were interacting with the protocol during RAY’s rally.
Rising activity could support near-term demand for RAY. However, protocol usage does not automatically guarantee token purchases.
Can Raydium’s volume support RAY?
Capital moving through Raydium [RAY] strengthened the rally’s broader on-chain picture.
Decentralized Exchange Trading Volume reached $435.13 million on the 9th of September, according to DeFiLlama. The metric last exceeded this level on the 23rd of March 2026. That earlier increase coincided with three consecutive bullish candles.
Between the 5th and 9th of September, Decentralized Exchange Trading Volume increased by more than 288%.
Meanwhile, Total Value Locked [TVL] remained relatively stable at $1.124 billion. That stability suggested deposited capital had not materially left Raydium during the rally.
Still, unchanged TVL offered limited evidence that investors were committing fresh capital. Stronger growth could provide clearer confirmation that capital was entering alongside the rising User Activity.
Could THIS derail RAY?
By contrast, RAY continued facing selling pressure across the Spot market.
CoinGlass Spot Netflow data showed that this pressure had persisted for more than ten days. During the past 24 hours, the market recorded $466,000 in net selling pressure. This followed approximately $23 million in RAY sales.
This divergence placed RAY’s rally under scrutiny. Raydium attracted greater usage, yet Spot sellers continued exiting.
Spot Netflow may need to decline or turn negative for RAY to sustain its near-term rally.
Final Summary
- Raydium’s Daily Active Users jumped 77.7% as RAY rallied by 17.43%.
- Decentralized Exchange Trading Volume climbed 288% to $435.13 million.
