Raydium (RAY), the main DEX on Solana, simply obtained hammered, dropping 24% to $3.23 up to now 24 hours. Phrase on the road is that Pump.enjoyable, a well known memecoin platform on Solana, is planning to roll out its personal AMM, which may shake up Raydium’s dominance.
RAY’s market cap now sits round $941.34 million, whereas its 24-hour buying and selling quantity has skyrocketed 204.27% to $202.05 million. From a technical perspective, RAY has been shifting inside an ascending broadening wedge, a sample typically signaling hassle.
The present downtrend began after the token obtained rejected at $8.67 on January 23, dragging it towards its decrease trendline help at $4.31 earlier than this newest tumble.
Simply weeks in the past, Raydium was driving a wave of bullish momentum. Bitcoin (BTC) had surged previous $103,000 from a Monday low of $89,000, and RAY adopted go well with, leaping over 16%. The whole lot appeared to be going nice, till now.
Right here’s the twist, Raydium’s Whole Worth Locked (TVL) continues to be booming. In keeping with DefiLlama, the DEX hit an all-time excessive of $2.589 billion in locked property in the present day, an enormous leap from simply $128 million at the beginning of 2024. Meaning buyers are nonetheless placing cash into the platform, even when the worth of RAY isn’t reflecting that confidence for the time being.
Now the query is that may Raydium rise again once more? With Pump.enjoyable, If with quickly rising competitors getting into the AMM area, RAY’s destiny hinges now on investor religion and if it will probably proceed demonstrating its worth in an ever-evolving Solana ecosystem.
Additionally Learn: Pi Network Memecoin PIDOG Price Drops Over 60%
