Key Insights:
- Raydium price is up by 15% after a bullish breakout.
- Upbit listing boosts RAY visibility among Korean crypto investors.
- 600% volume spike signals renewed trader interest and momentum.
Raydium price surged over 15% in the past 24 hours, reversing a month-long downtrend. The rally followed RAY’s listing on South Korea’s largest crypto exchange, Upbit, which introduced new trading pairs on June 19.
The decentralized exchange (DEX) built on Solana hit $2.18 during the peak of the rally. Analysts observed a renewed bullish trend, fueled by strong buying activity near the $2 support.
Why the Raydium Price Is Soaring?
Raydium price surged over 15% on Thursday after South Korean exchange Upbit listed RAY trading pairs. The trading introduced RAY/KRW and RAY/USDT, which saw it on a high rise. Officially the trade commenced at noon local time and on June 19.
The listing caused a close to 20 percent increase in Raydium price, as it immediately reversed its course 35-days downtrend. Raydium received robust buyers around the important technical support at the $2 psychological mark, which boosted its recovering actions.
The price action of RAY also converged with a short-term double-bottom pattern that depicted a possible upward thrust. RAY crossed some way beyond, above both diagonal and horizontal resistance zones, and then it was confronted by pullback pressure.
Listing on Upbit is considered an important development. It enhances the visibility, liquidity, as well as investor confidence of the token.Upbit, being South Korea’s largest crypto exchange, adds credibility to the asset.
Despite the rally, the Raydium crypto has yet to confirm a breakout. Traders are watching closely to see if the token can sustain its momentum and approach the $3 mark.
Raydium Crypto Derivatives Surge Amid Sharp Volume Spike
According to recent data on Raydium’s derivatives market, RAY has seen a dramatic surge in trading activity. Based on the trading volume on RAY derivatives, it has increased to an astounding 1,443.75 percent, totalling to $293.45 million in all.
This surge emphasizes a heightened interest in the crypto derivatives market by investors and traders.
Besides the rise in the volume, the open interest has also increased to a large extent.
It recorded a 35.47% rise, bringing the total to $23.35 million. This reflects a heightened commitment from traders maintaining positions in the market.
As of the reporting time, the latest RAY price is $2.18, showing a strong surge over the past day.
The price made an aggressive rise rest of the day touching the resistance area around $2.50 but immediately rolled back. Although the pullback was there the bulls were able to hold the $2.00 support implying that there is still buying interest near this psychological level.
Raydium crypto is still in the range on the 4-hour chart, trading between 1.80 and 2.50. The Relative Strength Index (RSI) is at 52.30, which indicates flat momentum, though a bit bullish. RSI readings above 50 may be an indication of more bids upwards, but the break below 46.50 may indicate weakness.
In the meantime, the Moving Average Convergence Divergence (MACD) depicts a small bullish cross. MACD line in the positive is in relative position over signal line, with positive bars in histogram that implies incremental buying pressure but remains uncertain.
Downside Risks Remain if $2.00 Breaks
If Raydium fails to hold above $2.00, sellers may push it back toward $1.80 support. A daily close below $1.80 could confirm bearish continuation and expose RAY to new lows.
For bulls to sustain control, the price must remain above $2.00 while building momentum toward $2.50. If confirmed, a $3.00 breakout remains within reach by month-end.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
The post Raydium Price Surges 15% After Upbit Listing Announcement appeared first on The Market Periodical.
