RAY rises 10% as Raydium captures 64% of StonkFun volume

Raydium [RAY] gained 10% over 24 hours, reaching $1.76 and outperforming the broader crypto market by 3.99%. The move coincided with Raydium supporting Injective’s Solana expansion and handling most of StonkFun’s trading activity.

StonkFun’s all-time Trading Volume reached $2.67 billion, with Raydium processing $1.713 billion. That gave Raydium a 64% share, showing how integrations were translating into measurable protocol usage.

Meanwhile, Solana [SOL] also posted gains, adding a broader ecosystem tailwind.

Why is Raydium activity rising?

Raydium’s wider role across Solana continued to strengthen its position as a major liquidity venue. More importantly, protocol activity reached new highs across several metrics.

Total Value Locked [TVL] climbed to $1.26 billion, while Holders Revenue rose to $280,000 over 24 hours.

Together, rising liquidity and revenue suggested that the rally had support beyond broader Solana momentum.

For RAY, that distinction matters. A rally supported by utility, liquidity and revenue has a broader foundation than price momentum alone.

However, that support depends on ecosystem activity remaining elevated.

Can RAY hold above $1.75?

RAY’s 10% gain pushed the token through key resistance and above the $1.75 support area. At the same time, RAY remained above its key EMAs, leaving the longer-term structure with buyers.

If ecosystem activity continues and capital keeps entering Solana applications, RAY could sustain its current momentum.

Even so, the rapid daily gain leaves the token vulnerable to profit-taking if buying pressure weakens.

The next test is no longer whether Raydium can attract activity. It is whether that activity can defend $1.75 after momentum cools.