By cryptoadmin 
The Raydium token rose for 5 consecutive days as its protocol quantity rebounded sharply within the final seven days.
Raydium (RAY) rose to $5.6, its highest degree since Dec. 11 and 50% above its lowest degree in December. It has continued to outperform different common Decentralized Trade tokens like Uniswap (UNI) and PancakeSwap (CAKE).
RAY has been one of many best-performing cryptocurrencies previously two years because it soared by over 3,100%. Its circulating market cap has jumped to $1.3 billion, whereas its absolutely diluted valuation has soared to over $3.1 billion.
Raydium’s efficiency is usually as a result of it has scaled up and have become the second-biggest participant within the DEX business after Uniswap.
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Its seven-day quantity jumped by 60% to $16.58 billion, whereas Uniswap’s rose by 6.4% to $18.2 billion. It has dealt with $316 billion in transactions since its inception and $60.68 billion within the final 30 days.
Raydium’s quantity has soared due to the continued momentum in Solana (SOL) meme cash. In response to CoinGecko, all Solana meme cash have a market cap of over $21.6 billion, with Bonk, Pudgy Penguins, Dogwifhat, ai16z, Fartcoin, and Popcat being the largest.
Solana’s meme cash are additionally a few of the most closely traded property within the crypto business, with their 24-hour quantity rising to $4.3 billion.
Raydium worth evaluation
RAY worth chart | Supply: crypto.information
The The each day chart reveals that the RAY worth has been in a robust uptrend previously two years. It rallied from $1.2312 in September final yr to almost $6 immediately.
Most not too long ago, the token fashioned a bullish flag chart sample, which is made up of a protracted vertical line a flag-like formation. It has now moved above the higher aspect of this flag, pointing to a bullish breakout.
RAY has moved above the 50-day and 100-day transferring averages, a optimistic signal. It has additionally jumped above the Supertrend indicator, whereas the Proportion Worth Oscillator and Relative Power Index have pointed upwards.
The Supertrend indicator is predicated on the Common True Vary and is a well-liked pattern indicator. Then again, the PPO and the RSI are used to determine an asset’s power.
Subsequently, Raydium will seemingly preserve rising as bulls goal an all-time excessive of $6.50. A transfer above that degree will level to extra features, probably to $7.
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