Raydium rallies 12% as earnings hit yearly high – RAY’s next move depends on THIS

Raydium [RAY] has continued to pull one of the strongest moves in the market, with gains that have seen it surge by a double-digit percentage of 12%, according to CoinMarketCap. RAY’s gains have closely followed the protocol’s performance in terms of Earnings and utility.

The Earnings data, which measures the Gross Profit from the incentives paid out, shows that the protocol has generated roughly $3.87 million so far in September, marking its highest gain in a year, a level it last saw in September 2025. The gain comes as its total reaches $23.26 million.

One of the major influencing factors that has pushed the asset to this level has been the growth in LaunchLab, the infrastructure that enables the launch of tokens on Raydium, with Stonk.fun being a major platform.

DeFiLlama data shows that roughly $2.64 million has funded RAY Buybacks in the market, with LaunchLab contributing 25% of the capital. When the protocol has a strong performance at this level, it adds to the overall sentiment in the market, contributing to the asset performing decently in the near term.

Spot selling puts RAY under pressure

Investors in the market are taking advantage of the rally, with data from CoinGlass showing profit-taking activity, likely contributing to capital flowing out of RAY.

The CoinGlass Spot Netflow shows that in the past 24 hours, there has been net selling, as inflows trumped outflows, with $311,530 in more sales. This trend has continued over the past two days.

While the outlook seems very bearish, a broader outlook shows that investors are now holding more RAY compared to the past week, where there has been more selling of the asset into the market.

In the past three weeks, Netflow has dropped from $2.4 million down to around $552,000 at the time of this writing, with the bar representing each week showing a consecutive drop in value.

When there is a steady decline at this level and at this pace, it often implies that investors are now seeing a potentially longer gain to benefit from, and that sellers are likely to hit exhaustion in the near term.

Rising volume backs RAY’s price gains

Volume analysis adds to the overall outlook for price. According to data from CoinGlass, there has been a surge in volume to over $68 million across both the spot and perpetual markets.

Rising volume, along with rising price, has historically meant that the momentum backing the asset is high, suggesting price could sustain its present gain. The perpetual market volume confirmed a stronger bullish trend.

At the time of writing, the Taker Buy Sell Ratio, which tracks this, shows that Taker Buys are dominating with a reading of 1.15 on the chart. Anytime the ratio rises above 1, it confirms the bullish outlook and supports the recent price gains.

If this trend continues, RAY could maintain its upward path, but Spot Netflow remains worth tracking.

Final Summary

• Raydium gained 12% as protocol Earnings reached a yearly high. September Earnings reached approximately $3.87 million.
• LaunchLab contributed 25% of the capital used for RAY Buybacks.