- Raydium is delivering impressive price action, driven by robust ecosystem demand.
- Raydium volume sets a new record and TVL rises close to its ATH.
Raydium [RAY] has flown under the radar, but a lot has happened under the hood. The Solana DEX is gaining popularity and this is reflected in several performance metrics, including its native token, RAY.
RAY peaked at $3.19 in the past 24 hours after an impressive bullish performance. It rose 51% in the past 7 days, earning a spot in the list of top weekly gainers among mainstream cryptocurrencies.
This advantage allowed it to post a gain of 1,637% year over year.
Source: TradingView
RAY returned to a press-time price of $2.85, indicating aggressive profit-taking. An unsurprising outcome, as the price peaked close to the current 2024 high, where it is now experiencing a resistance zone.
It was also deeply overbought and therefore due for a retracement.
Aggressive Raydium company behind RAY’s demand?
RAY’s bullish performance confirms robust demand, and most of it was driven by the growth of the Raydium ecosystem. It has held the title for the best DEX since April. It currently controls over 50% of the total DEX volume in the Solana ecosystem.
The increase in Raydium volume and ATH highlights the aggressive revival of activity within the DEX.
Source: Dune Analysis
Raydium’s growing market share in the Solana ecosystem reflects the volumes it has processed this year. The market is heating up and this caused a resurgence of Solana’s DeFi ecosystem, just as was the case in the first half of 2024.
The latest market excitement generated large volumes within Raydium. Daily volume recently hit a new record high of $1.81 billion on October 23. From perspective, this was a 1,083.66% increase in daily volume compared to a two-month low in mid-September.
Source: DeFiLlama
The recent daily volume spike wasn’t the only new high Raydium celebrated this week. The TVL also rose to a new 2024 high of $1.93 billion on October 25.
However, this was not the historic high, but the latest increase was close. Raydium’s TVL achieved an ATH of $2.21 billion on November 15.
Realistic or not, here is RAY’s market cap in BTC terms
But what does this all mean for Raydium, its native token, going forward? A dominant position means it can secure more demand and utility in the coming months as the bull run gains momentum.
Thus, RAY could be due for more of a recovery as its press-time price was still trading at a discount to its all-time high.
