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The Raydium price surged 11% in the last 24 hours to trade at $7.591 as of 02:33 a.m. EST on trading volume that jumped 3% to $551 million.
The strong performance by the RAY price has made the altcoin the top gainer in the crypto market on CoinMarketCap.
Raydium Price On A Sustained Bullish Rally
The RAY price has recently exhibited a significant bullish breakout after a period of consolidation. Meanwhile, the Raydium price has surged above a previously strong resistance level at $6.00, as indicated by the blue horizontal line, and is now trading around $7.59.
The consolidation pattern from November created a tight range between approximately $4.00 (support) and $6.00 (resistance). This range served as a springboard for the current upward momentum.
A retest of the support zone at $4.00 was met with strong buying interest, indicating significant demand in this area, according to GeckoTerminal data.
The breakout above the $6.00 resistance was accompanied by a sharp increase in trading volume, as seen on the volume indicator. This suggests strong conviction from buyers, which is crucial for sustaining upward momentum.
Furthermore, the price is well above both the 50-period Simple Moving Average (SMA) at $5.45 and the 200-period SMA at $4.67 on the 12-hour chart, signaling a clear bullish trend.
Meanwhile, the Relative Strength Index (RSI) is currently at 69.42, close to the overbought threshold of 70. This indicates strong buying pressure, but it also suggests that the market may experience a minor pullback or consolidation as buyers take profits.
However, as long as the RSI remains above 50, the bullish momentum is likely to persist.
The Moving Average Convergence Divergence (MACD) is in positive territory, with the MACD line (0.6036) above the signal line (0.4091), confirming bullish momentum. Additionally, the histogram shows expanding green bars, which reinforces the strength of the current uptrend.
RAY Could Soar Towards The $10 Resistance
Given the technical analysis, Raydium appears to be in a strong bullish trend, with the breakout above $6.00 opening the door for further upside.
If this upside movement continues on the 12-hour timeframe, the price of RAY could soar even higher, with the next target at $10.
On the downside, the $6.00 level (previous resistance) is now a critical support zone. If the price retests this level, it is likely to attract strong buying interest. Additionally, the 50-period SMA at $5.45 provides another layer of support.
In the meantime, investors are flocking to the Best Wallet (BEST) presale, which according to ClayBro, a popular YouTuber with over 135K subscribers, is one of the best wallets of 2025.
Best Wallet Crosses $7.7M In Presale For Cross-Chain Web3 Wallet
Best Wallet is an innovative cross-chain Web3 wallet supporting 60+ blockchains, featuring a built-in DEX, presale aggregator, and crypto debit card.
Its native token, BEST, powers an ecosystem designed to simplify on-chain activities while minimizing security risks, making it a standout in the competitive crypto wallet space.
Best Wallet is quickly gaining traction and is now competing with popular wallets like Trust Wallet and MetaMask, with the potential to outpace them due to its unique array of features.
A key feature that sets Best Wallet apart is its “Upcoming Tokens” section, a presale aggregator that identifies high-potential projects.
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— Best Wallet (@BestWalletHQ) January 13, 2025
The project’s success in identifying promising projects is clear. It has already flagged Pepe Unchained (PEPU) and Catslap (SLAP), meme coins that delivered 500% and 3,000% gains, respectively, for early investors.
Currently, BEST tokens are priced at $0.023675. Those interested in joining investors who have pumped more than $7.7 million into the project should buy before a price hike in 14 hours.
Buy and stake BEST here for a competitive 235% APY.
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Best Wallet - Manage Your Crypto
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