Raydium (RAY) Price Update: Up over 50% in 48 hours
Last Updated on 22 December 2023 by CryptoTips.eu
In just under one year, RAY has experienced a jaw-dropping 1000% plus surge. Raydium is categorized under DeFi with RAY as its native token. And in the last 48 hours, this coin has gained more than 50% to reach a high of $1.9900.
Raydium (RAY) is available at MEXC for trading.
Raydium price action
Raydium blockchain created RAY as an ERC-20 and SPL token. That means RAY is compatible with both Ethereum and Solana. And that spiked a lot of wild volatility in this coin’s price action.
Within its first months after being launched, this coin reached a high of $16,83 in September 2021. But by June 2022, this coin had already gone to as low as $0.91. Even more interesting, RAY went further down to record a low of $0.1334.
All RAY coins were minted at launch in February 2021. Of these coins, 25% went directly to the team and founders. The rest was distributed to those who provide liquidity to the network. Liquidity mining is expected to continue until Feb 2024.
And that could potentially have a drastic effect on the price action of this coin. This coin has a market cap of $400 million, which has barely changed in the last few months. A spike in the market cap could also drive the price further up.
Can Raydium reach $2?
Support levels are at $1.122084 and $0.74, and current resistance is at $1.928. With that in mind, based on technical indicators, namely RSI and MA, this coin is definitely not done with its bullish trend.
And with its previous data recording a growth of over 50% in 48 hours, this coin could potentially reach $2 by 2024. But the strong rejection that happened when RAY reached $1.99 could signal the start of a bearish trend, at least for the next couple of days. Regardless, RAY has already broken the $1.928 resistance, which is a good sign despite the strong rejection.
Will the Raydium price drop?
With such extreme highs and lows in RAY/USDT, it’s important to remember that the current rejection could hold, and the coin will immediately come tumbling down. Take a minute to better understand what Raydium is all about, and ensure you invest in a coin you believe in.
Of course, Raydium has a potential bright future and a lot to offer. But it’s essential to grasp this blockchain’s goal before putting your money into it. More importantly, only trade money that you are willing to lose.
