In the past 24 hours, RAY peaked at $3.6 on the back of a strong price surge. RAY has grown by 51% over the past 7 days, making it one of the best performing cryptocurrencies of the week. This has brought RAY’s price up by 1,637% year-over-year.
RAY’s price has also been in overbought territory, so a correction is inevitable.
Is the strong growth of the Raydium ecosystem driving demand for RAY?
RAY’s price surge confirms strong demand, driven largely by the growth of the Raydium ecosystem. Since April, Raydium has maintained its position as the top DEX, currently controlling over 50% of the total DEX volume in the Solana ecosystem. The sharp increase in trading volume and Raydium’s all-time high underscore the positive resurgence of activities in this DEX.
Raydium’s growing market share in the Solana ecosystem is reflected in the trading volume it has processed this year. The market is becoming more vibrant, contributing to the strong recovery of Solana’s DeFi ecosystem, similar to the first half of 2024.
Recently, the excitement in the market has driven a sharp increase in trading volume on Raydium. On October 23, Raydium’s daily trading volume hit a new record of $1.81 billion – up 1,083.66% from its two-month low in mid-September.
On top of that, Raydium also recorded a new high in total value locked (TVL) for 2024, reaching $1.93 billion on October 25. While this is not its all-time high, this latest increase is getting close. Raydium’s TVL hit an all-time high (ATH) of $2.21 billion on November 15.
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So what does this mean for Raydium and its RAY token going forward?
A dominant position could help Raydium attract more demand and increase its utility in the coming months as the market continues its bull run.
With the current price still below its all-time high, RAY may have more chances to recover in the near future.
