Raydium (RAY) surges 276%, outpacing Bitcoin in 2024
The Most Important Points in Brief
- Raydium (RAY) outperformed Bitcoin (BTC) in 2024.
- The RAY token has surged by 276% since September, while Bitcoin only gained 45% over the same period.
- Raydium has benefited from strong growth on the Solana blockchain, seeing a significant increase in liquidity and TVL (Total Value Locked) in 2024.
- Although RAY has reached a two-year high, it remains well below its all-time high of $17.80 USD from 2021.
RAY Outperforms Bitcoin in 2024
RAY, the native token of the decentralized exchange Raydium (DEX) on the Solana blockchain, has shown an impressive price performance in recent months. Since September 2024, the token has rallied by 276%, recently reaching a price of $5.06 USD. In comparison, Bitcoin (BTC) only recorded a 45% increase over the same period.
This development makes RAY one of the best-performing altcoins of the year. The strong price movement began in September when the token was still trading at $1.35 USD. Since then, the bulls have taken control, leading to a parabolic rise.
Technical Analysis: Overbought Levels Reached
Despite the impressive price gains, technical analysis shows that RAY is currently overbought. The Relative Strength Index (RSI) displays a bearish divergence, marking a lower high while the price continued to rise. Simultaneously, the Money Flow Index (MFI) is declining, indicating that some investors have already taken profits.
Short-term pullbacks could follow, before the token potentially resumes another upward trend. However, it is important to note that RAY is still far from its all-time high of $17.80 USD, which was reached in August 2021.
Raydium’s Growth and Its Impact on the RAY Token
The Solana blockchain has experienced strong usage in 2024, and Raydium is among the leading decentralized exchanges (DEX) on this platform. A year ago, Raydium’s Total Value Locked (TVL) was below $40 million USD, while token liquidity was under $10,000 USD. However, by October 2024, the TVL peaked at $2.08 billion USD before settling at $1.50 billion USD. At the same time, token liquidity surged to an impressive $597 million USD.
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These figures highlight Raydium’s growing momentum in 2024, coinciding with the expansion of the Solana ecosystem. Notably, both trading volume and revenues for Raydium reached their highs in March, June, and October. For instance, the DEX recorded a trading volume of $406 million USD and revenues of $395,000 USD in March 2024.
Correlation Between DEX Activity and RAY Demand
The increasing activity on Raydium has a direct impact on the demand for the RAY token. The higher trading volume and growing revenues during bullish months are reflected in RAY’s price performance. This correlation suggests that demand for the token could continue to rise, especially if the crypto market enters another bullish phase.
Our Assessment
Raydium has shown impressive growth in 2024, reflected in both the performance of the RAY token and the growing metrics of the DEX. Although the token is currently overbought, it remains below its all-time high, signaling further upside potential. Short-term pullbacks are likely, but in the long term, RAY could benefit from the ongoing expansion of the Solana ecosystem. However, investors should remain cautious and keep an eye on the market’s volatility.
Sources:
– TradingView
– DeFiLlama
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