RAY, the native token of Solana-based automated market maker (AMM) and liquidity provider Raydium, has emerged as the market’s top gainer over the past 24 hours. This has happened despite the broader market pullback during that period.
With surging trading activity, RAY trades at its highest price since 2021 and is poised to extend its gains.
Raydium’s Surging Demand Drives Price Rally
An assessment of the RAY/USD one-day chart reveals a surge in the demand for altcoin. This is evidenced by the setup of its Ichimoku Cloud, whose Leading Spans A and B form dynamic support below the token’s price at $6.04 and $5.87, respectively.
The Ichimoku Cloud tracks the momentum of an asset’s market trends and identifies potential support/resistance levels. When an asset trades above this cloud, it is in an uptrend. In this scenario, the cloud acts as a dynamic support zone, reinforcing the likelihood of continued upward movement as long as the price remains above it.
Furthermore, RAY’s positive Chaikin Money Flow (CMF) supports this bullish outlook. At press time, it sits above the zero line at 0.23.
This momentum indicator tracks how money flows into and out of an asset. As with RAY, when its value is positive, buying pressure dominates the spot markets. It suggests accumulation among market participants and hints at a continued uptrend in the asset’s price.
RAY Price Prediction: Is a New High on the Horizon?
According to readings from RAY’s Fibonacci Retracement tool, if the current uptrend persists, it could attempt to breach resistance at $8.96. If successful, this could propel its price to $11.05 and toward its all-time high of $17.80.
However, a spike in selloffs will invalidate this bullish thesis. In that scenario, the RAY token price could shed its recent gains and plummet below the support zones of its Ichimoku Cloud to trade at $4.30.
Disclaimer
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