The recent surge in Solana has increased investor interest in its ecosystem. As a result, Raydium price has seen an explosive growth in the past few days. This bullish price action is also fuelled by the bullish outlook on Bitcoin amid a spit ETF hype.
On Friday, Raydium (RAY) plummeted 8.64% as BTC fell below $36,000. Consequently, many short-term traders rushed to take profits in the panic. Most of the other altcoins also showed more than 5% losses on the day as the Bitcoin dominance increased 0.85%.
It is worth mentioning here while the Raydium price is still up 117% from its October lows, the total locked value on the Dex is yet to show a similar uptrend. Most of the bullish price acting seems to be driven by the gigantic rally in Solana price, which is up almost 9x since its 52-week lows.
If you are stuck in the RAY/USD trade, let me make things easier for you. The following chart shows the price action within the 0.36-$0.46 trading range. After today’s sell-off, the price has broken below the range lows. A failure to reclaim the range lows might result in a deeper correction toward $0.27.
This post was last modified on Nov 17, 2023, 15:58 GMT 15:58