Raydium rally cools as tokenized-equity volume grows: Can RAY hold $1.4583?

Raydium’s [RAY] strong September rally has now entered a pullback, bringing a key support level back into focus. On the 17th of August, Raydium’s price rose from about $0.60 to $0.85 by the 5th of September before momentum accelerated.

The breakout then pushed the token above $1.10. Volume spiked along with the price, confirming stronger buying activity. From there, RAY formed higher lows and advanced toward $1.80 on the 11th of September.

However, sellers rejected that level, pulling RAY down about 17% to $1.50.

The decline has also cooled momentum, with RSI falling from above 80 to 53.95. Meanwhile, volume has eased from its breakout highs, suggesting selling pressure is losing strength.

RAY now sits near the $1.4583 pivot, making this level important for the next move. At the same time, trading volume has dropped off significantly since the breakout, which indicates decreasing sales pressure.

If RAY can hold onto this level, a bounce or rebound may begin to form as high as $1.60 and $1.80. Conversely, if RAY breaks through this level downward, the decline may continue lower than that until reaching approximately $1.10.

Raydium leads Solana’s tokenized-equity market

Raydium’s recent price strength also comes as the protocol expands its role in Solana’s tokenized-equity market. Since June, it has dominated the market by generating over 63% of all volume of trading in tokenized stocks on Solana’s DEX.

This dominance includes being the primary platform for all the largest tokenized security exchanges. Raydium represents 75% of xStocks’ total trading volume and 60% of BackPack’s total trading volume.

Also, the xStocks that were traded on Raydium totaled $1.63 billion in Q2, indicating the scale of the activity.

Solana recorded roughly $5.8 billion in tokenized-stock DEX volume during the quarter, placing Raydium at the center of a growing market.

This activity adds another layer to Raydium’s broader trading strength, while its concentration across major tokenized assets reinforces its position as a key liquidity venue.

Raydium’s fundamentals face a key RAY test

The tokenized equity of Raydium is clearly evident in the economic performance of the protocol. Over the past 30 days, the protocol generated roughly $18.8 million in fees and $3 million in revenue.

Notably, a portion of that revenue supports RAY buybacks, linking higher activity with token demand. With RAY valued at roughly over $400 million, sustained fee growth could be of much influence to price recovery.

However, increased activity does not always translate to immediate recovery. In light of that, RAY remains in a pullback and is now testing $1.4583. Holding this level would keep the recent bullish structure intact, while a break below it could expose $1.10.

For now, the fundamentals remain strong, but price action needs to confirm that strength.

Final Summary

• Raydium is testing $1.4583 after its rally, with $1.10 as key support.
• Rising tokenized-equity activity and buybacks give RAY stronger fundamentals.