RAY, the native token of Solana-based automated market maker (AMM) and liquidity provider Raydium, has emerged as the top performer in the market over the past 24 hours. This surge comes even as the broader market faces a downturn. With increased trading activity, RAY is now trading at its highest level since 2021 and could continue its upward trend.
Raydium’s Demand Fuels RAY Price Rally
An analysis of the RAY/USD one-day chart highlights a growing demand for the altcoin. The Ichimoku Cloud indicator shows that its Leading Spans A and B provide dynamic support at $6.04 and $5.87, respectively. This indicator helps identify market momentum and key support and resistance levels.
Since RAY is trading above the Ichimoku Cloud, it signals a strong uptrend. The cloud serves as a dynamic support zone, increasing the likelihood of further price growth as long as the token stays above it.
Further supporting this bullish outlook is the Chaikin Money Flow (CMF) indicator, which currently stands at 0.23. This suggests that buying pressure is dominating, indicating market participants are accumulating RAY, which could drive prices even higher.
RAY Price Prediction: Will It Hit a New High?
Based on RAY’s Fibonacci Retracement levels, if the current uptrend continues, the token could aim to break resistance at $8.96. A successful breakout could push the price to $11.05 and potentially reach its all-time high of $17.80.
However, an increase in sell-offs could disrupt this bullish scenario. If selling pressure intensifies, RAY’s price may fall below key support levels within the Ichimoku Cloud and drop to $4.30.
Conclusion
RAY’s recent price surge showcases strong investor interest and bullish momentum. Whether the token can sustain its rally or face a pullback will depend on market sentiment and key resistance levels. Traders should keep an eye on support zones and trading volume to navigate potential price swings.
